It also included adding IoT sensors and predictive analytics systems to its global equipment and wells to collect real-time data for its business intelligence teams to monitor and report critical information, such as well level economics, geological, and geophysical exploration updates, drilling, fracking, and production outputs. The first step in this strategy was to migrate its core applications, such as ERP, big data reservoir, collaboration, and analytics applications to the cloud. Its ultimate goal was to build a “digital oilfield” to optimize its use of data in key decisions across the enterprise. To move away from the high overhead costs of on-premises systems and increase its operational efficiency and agility, this global oil and gas development and exploration company implemented a “ cloud first,” data-centric strategy. It needed to modernize and optimize its core business applications and file transfer infrastructure to improve how it gathers, processes, transfers and analyzes large volumes of data. “Digital transformation in the oil and gas industry could unlock approximately $1.6 trillion of value for the industry, its customers, and wider society.” Connecting a “digital oilfield” in the cloud with APIsĪ global oil exploration and production company was using multiple legacy, on-premises business applications and file transfer servers that made it difficult to manage, track, integrate, and scale digital workflows with trading partners and internal lines of business. Applying integrated digital platforms enhances collaboration among ecosystem participants, helping to fast-track innovation, reduce costs, and provide operational transparency,” according to an Accenture white paper 1. “Data generation, sharing, analysis, and storage are important enablers of digital transformation – for example, in adopting the Industrial Internet of Things, or collaborating within the ecosystem. To mitigate these risks, companies need to digitally transform to increase automation of these processes. Disruption is often caused by poor communication and collaboration, which can slow the progress of projects and have a severe impact on operational efficiency. ![]() Since these OFS companies perform business-critical functions it can have a devastating impact on the business if disrupted or delayed by a mistake or an inefficiency. ![]() Even vertically integrated oil giants like ExxonMobil, Royal Dutch Shell, ConocoPhillips, or BP are relying on third-party suppliers, or oilfield services (OFS), to provide equipment and expertise to fill gaps in its supply chain. Oil and gas companies are considering technologies such as AI, IoT, analytics, and process automation, while continuing to recognize the need for an ecosystem of third-party suppliers. Digital technologies are massively disrupting the oil and gas industry, resulting in reduced costs and an increase in productivity.
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