The oil and gas industry has historically been slower in adopting more advanced technologies into their processes, and they are increasingly competing with the renewable energy sector, which is said to be valued at $1.1 trillion by 2027. To stay competitive, oil and gas enterprises need to improve their existing infrastructure and consider implementing new and evolving technologies into their business systems and processes. Leveraging digital transformation will ensure that oil and gas companies maintain their share of the market. Read on to learn about oil and gas technology trends heading into the second quarter of 2023.
Improved technology for the oil and gas sector will help operators and companies address emerging challenges. Recent improvements in technology for the industry include advancements in robotics, artificial intelligence (AI), big data, and cloud computing. The introduction of more Robotic Process Automation (RPA) will reduce human error and risk. Enhanced cloud computing technology will improve security, as cyberattacks continue to increase. Adopting AI technology will improve the visibility of operations, analysis of big data, and administrative productivity.
1. Artificial Intelligence
Oil and gas companies can benefit from integrating AI into their current systems to support decision-making with insights from machine learning that offer predictive, prescriptive, and cognitive analytics. AI-powered software exists that enhances productivity, taking over or alleviating some of the burdens of everyday administrative tasks, such as emails, invoices, and bill payments. AI can also increase end-to-end visibility of operational equipment data that can predict maintenance requirements, enabling them to be addressed with minimal disruption to workflow.
2. Big Data
During everyday operations, oil and gas companies create an exceptional amount of data, from machine functioning to mapping to quality and quantity information — it all has to be analyzed. Organizations can use cloud platforms to draw information from production and performance data to derive more value, reduce operational costs, and decrease industry carbon emissions. Also, big data pulled from operations can be used to reduce failures and monitor large equipment assets, offering more insight into offshore oil rigs and refineries.
Oil and gas operators work in some of the most dangerous conditions, often posing a significant threat to human safety. Adopting robotic and automation solutions can increase workplace safety. Robots are not only useful for inspection and surveying; submersible bots and drones can be used offshore for entering locations that are too risky for humans, conducting repairs, and decreasing hazards and mistakes. RPA is essential to reducing human error and lowering the necessity for manual labour.
4. Cloud Computing
Adopting more cloud-based technology can support the industry with advanced analytics, an increase in remote accessibility, and informative visuals. Many as-a-service platforms exist for oil and gas enterprises that can boost efficiency in all sectors, increase security and scalability, and ease the process of digital transformation. Our Ironcloud services can improve your organization’s adaptability to this type of digital transformation. We use best practices and the latest cloud technology and we can level up your cloud computing utilities.
The Role of Technology in the Oil and Gas Sector
Oil and Gas IQ perfectly summarizes the role of tech in oil and gas: “The automation and improvement of processes and workflows help the industry reduce costs and operate more efficiently with fewer people.”
Oil and gas technology addresses long-standing pain points for operational processes and workplace safety. By introducing more use cases for decreased human labour and increased RPA, industry leaders can lower costs and workplace accidents. Robots and drones will be sent to places where humans cannot go. Implementing AI technology and cloud-computing platforms will increase the visibility of large-scale assets and their functionality, while also providing more data-enabling, predictive maintenance. Finally, adapting more cloud services will improve production and security, and it will provide increased analytics.
We Can Manage Your IT
At Ironclad Tek, we work with many clients and leaders in the oil and gas industry, providing services like disaster recovery, data backup solutions, and managed server/storage. You can view our client testimonials that support our efforts of staying on top of emerging trends while continuing to implement enterprise-class architecture.
To ensure your oil and gas company stays competitive with other organizations, as well as the renewable energy sector, work with an IT company that can provide you with the exact services you need while thoroughly understanding your industry. Contact us today to get started!