Why the Nigerian Economy Needs Digital Oilfield Solutions
Digital oilfield technologies are becoming an integral part of the oil and gas industry and are revolutionizing oil and gas exploration and production operations. Market influencers include major oil companies such as Shell, which have accumulated considerable experience developing technologies to make the digital oilfield a reality.
Initially, African oil companies were reluctant to adopt new technologies. However, we can expect an uptick in the movement as top companies adopt digitalize oilfield solutions and show interest in predictive maintenance systems.
They are looking to use digital oilfield solutions for asset management and get the best return on investment. Companies are likely to use technologies to control all aspects of their asset lifecycle to ensure long-term sustainability.
In the first half of 2020, oil prices slumped due to decreased demand. This meant losses for oil producers in the African region. However, oil producers realized that modifying their perspective is required to overcome market vulnerabilities.
Traditional oilfields are rife with inefficiencies that widen their supply and demand gap and hinder optimum reservoir utilization. Vandalism and theft of petroleum products have further shaken investor confidence, making it hard to find investments for ongoing oil and gas projects in the African region. As a result, the rising overhead cost of deep-sea oil mining has exacerbated the problem for oil and gas producers.
Thus, organizations are incorporating modern technologies to address these challenges, and digital oilfield solutions are the first step toward profitability and sustainability. As a result, oil companies are adopting digital oilfield solutions and systems for deep-water production and exploration activities, which lower recovery time.
In conclusion, Nigeria holds high value in the oil and gas exploration and production markets. The country is one of the leading producers of low-sulfur crude oil, with the highest demand globally. A rise in oil and gas activity across the country has attracted the attention of digital oilfield solution providers.
Benefits of Digital Oilfields Solutions to Nigeria's Economy
Through predictive analytics, deep learning models, and other data analytics methods, digital oilfields enable oil and gas companies to enjoy benefits such as:
Optimize production: Using scalable solutions at their wells and production facilities, companies gain enhanced asset insights that enable optimal operations, production, and recovery.
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.
Collaborate across 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.
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.
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.
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