Companies within the oilfield industry who are agile, collaborative, and employee-orientated gain the most from digital transformation in oilfield services. In today’s landscape, it is important for organisations to embrace the digital transformation to gain the highest value.
Deloitte US reports that the value from embracing digital transformation is realised by; increasing production, being safer and faster, lowering costs, and creating a better experience for all stakeholders.
In this article, we have summarised some of the key ways that oilfield companies can benefit from adoption of digital processes.
Edge computing helps businesses to optimise their daily operations by rapidly processing large volumes of data. It has been reported that a single oil rig can generate over a terabyte of data each day. As oil and gas companies can work in remote conditions, edge computing allows data to be processed easily. This can even occur when the internet connection is disrupted.
Many benefits can come from this; from reduced downtime as well as contributing to high profitability. By 2024, it has been reported that the global edge computing market will grow to $250.6 million.
Cloud computing is the newest addition to the digital revolution within the oil and gas industry. By definition, cloud deployment is the process of setting up a virtual environment.
One area where cloud technology has been implemented is the process of being able to maintain and monitor production units, wells and oilfields. A main benefit from this is being able to reduce any unexpected failures down the line. Above all, increasing production levels.
Artificial Intelligence (AI) is a technology that allows computers to think in a ‘human’ way. AI enables companies to overcome a handful of challenges within the industry.
Exploration and Production: companies can collect and analyse large quantities of data, which can help increase their production levels
Maintenance: AI systems can identify upcoming and current failures, the lifespan, and highlight the efficiency of equipment.
Drilling: able to optimise drilling of wells which can help reduce the overall cost of labour
Safety: companies can check for potential safety and environmental hazards, which can be crucial for the industry
Business Intelligence (BI) refers to the methods of collecting, storing and analysing data from business operations to optimise their performance. BI provides a real-time view of business data. Implementing BI within a business structure can provide better quality analysis.
As the oil and gas industry is a competitive sector, BI can provide the sector with a competitive advantage. For example, BI enables “intelligent enterprises”, which means businesses can utilise the knowledge provided to better predict future economic and market changes.
Tech Recruitment Consultant at Visuna, Ryan Kilbey, explains “The energy transition is dictating a huge change in the daily operations of the industry as everyone is striving for decarbonisation. Oil & Gas companies are prioritising attracting and retaining the top tech talent that will get them through the digital transformation, whilst remaining competitive in the market”.
At Visuna, we’re here for you in the energy transition and can support you in sourcing the workforce needed for digital transformation in oilfield services. Get in touch to find out more about our tech recruitment services.