Staying Competitive in an Evolving Market as an Oil & Gas Company
Oil and gas firms looking to establish a competitive advantage can benefit from digital automation immensely. Some key benefits include increased productivity, reduced operational costs and highly engaged employees.
Oil companies that have been serious about using technology to create digital oil fields have seen big payoffs.
IHS Cera has calculated that by using digital oil field processes, companies could realize up to 25% savings in operating costs, up to 8% higher production rates, 2–4% lower project costs, and as much as 6% improved resource recovery, all within the first full year of deployment.
Benefits of Digital Oil Fields
1. Cost benefits and Expense Reduction: This can be classified as the biggest and most evident benefit of digital oil fields which comes with digitization and automation. There are many aspects of operations in the Oil & Gas sector such as preventive maintenance of tools, improvement of employee skillsets etc where tremendous cost reduction is made possible by the use of digital oilfield advancements.
2. Real-time equipment and operational Analytics: If problems arise, they can be detected instantly and remedied much more efficiently and budget friendly than through traditional methods. Installing sensors which gather valuable analytic data from drilling equipment and even pipelines, and analyze that data in real-time, can allow for the delivery of updates on the state of equipment and operations as they are needed.
3. Creation of Improved Predictive Models and Trend Forecasting: Massive amounts of data gathered using the analytic tools of the digital oilfield allows for the creation of improved prediction models, which can be applied to test the deployment of new equipment and technologies. A reliable information technology infrastructure, which communicates constantly with all aspects of operations, can improve operational efficiency and deployment speed, as well as the accuracy of said new or experimental equipment.
4. Collaborate among Teams: By integrating data across teams and disciplines, from automation engineers to data scientists, digital oilfields enable better collaboration and communication that lead to faster, more informed decision-making.
5. Enhance Health and Safety: Through remote operations, fewer site visits, and data-based safety processes, digital oilfields can help companies produce in the safest possible way.
6. Operate More Efficiently: Real-time controls, distributed analytics, automated workflows, and more can help companies lower their field operations costs, improve asset performance and reliability, and eliminate unplanned maintenance.
7. Improve Environmental Compliance: More efficient field operations, deeper sensor intelligence, and AI-based predictions can help oil and gas companies meet or exceed environmental requirements.
8. Optimization Production: Using scalable edge computing at their wells and production facilities, companies gain enhanced asset insights that enable optimal operations, production, and recovery.