Cloud is a tactical approach for oil and gas companies to reduce the costs of IT and a core platform for strategic growth.
FREMONT, CA: The oil and gas industry has a rich tradition of embracing innovative technologies. The industry has responded to every major technology trend of the last few years. More recently, high-performance cloud computing is being increasingly adopted by firms in the industry. The benefits of this unlimited computing and storage capacities are ease of deployment, low upfront capital costs, and many others, which are too compelling for a data-rich industry like oil and gas to ignore.
The oil and gas industry operations are field-based, and there is value to be derived from implementing cloud solutions. Cloud deployment enables document management, administration, and sales and marketing support. Large files and datasets can reside in cloud storage with automated backups. The scalable nature of the cloud allows for adding additional resources at any time. For large data sets in the oil and gas industry, large arrays and elastic computing enables real-time data analysis. Whether the cloud hosts imaging technology for forecasts and deep drilling, geological data, or trading information, it allows real-time analysis of all the data in the most cost-effective way.
A journey to the cloud offers the foundation for value-creating benefits for oil and gas firms. As the cloud is not a one-size-fits-all solution, firms need to consider multi-speed operating models for the years ahead. The right cloud operating model is critical to achieving increased agility, operating efficiencies, and reduced infrastructure costs. Cloud computing makes sense for oil and gas companies looking to develop a strategy toward effective digital transformation. Cloud computing is the apt platform for technologies like AI, big data, and the Internet of Things, while also providing unparalleled mobility in the oilfield. The opportunities that come with cloud are numerous and exciting and will be a critical enabler for the industry as it steps into the future.