Industrial Internet to Help Upstream Sector

Laxman Pai
Monday, August 12, 2019

There has been a growing interest among oil and gas companies in adopting the Industrial Internet to improve sustainability and market competitiveness, said a study.

According to data and analytics company GlobalData the upstream sector is witnessing comparatively more implementations of the Industrial Internet compared to other oil and gas sectors. This is driven by the need to reduce operational risks and maximizing returns from their assets through digitization.

The adoption of the Industrial Internet would enable companies in digitalizing oilfield operations and creating digital twins to reduce risks and optimize performance, said the report.

Industrial Internet has the potential to transform traditional processes and workflows and boost the technological capabilities of oil and gas firms.

This could help them achieve two primary objectives: firstly, companies would be able to overcome operational challenges while venturing into new frontiers in search of hydrocarbon resources; and secondly, Industrial Internet adoption will improve productivity and efficiency, thereby strengthening market competitiveness in a challenging environment.

Ravindra Puranik, Oil & Gas Analyst at GlobalData, said: “In general, adoption of the Industrial Internet would make organizations more dynamic and adaptable to external factors. This concept is expected to play a central role in simulation and modelling of projects against different market scenarios, optimizing inventory levels, demand forecasting, decision support, and logistics optimization, and setting up long-term objectives for an organization.”

Adoption of digital technologies has surged of late, largely as a reaction to the crash in crude oil prices. However, companies have been quite methodical in their approach to enable this transformation and ensuring maximum possible value can be derived through Industrial Internet implementations.

Categories: Technology Communication Digitalization

Related Stories

EnQuest Acquires Harbour Energy’s Vietnamese Assets

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Petrovietnam, Partners Sign PSC for Block Off Vietnam

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Yinson Production Closes $1B Investment to Drive Further Growth

French Oil Major Acquires Interests in Multiple Blocks in Southeast Asia

BW Opal FPSO Vessel set for Work off Australia

Current News

EnQuest Acquires Harbour Energy’s Vietnamese Assets

Woodside Finds South Korean Partners to Advance LNG Value Chain

Valeura Makes Progress with Multi-Well Drilling Campaign in Gulf of Thailand

Santos and QatarEnergy Agree Mid-Term LNG Supply

PTTEP Hires Energy Drilling’s Rig for Southeast Asia Offshore Job

One Shelf Drilling Rig Up for New Job in India, Other for Disposal

Four Jack-Up Drilling Rig Deals Set to Bring In $129M for Borr Drilling

PTTEP Hires Velesto’s Jack-Up Rig for Drilling Campaign off Malaysia

Yinson Production Secures $1.17B Refinancing for FPSO Maria Quitéria

Centrica and Thailand’s PTT Ink Long-Term LNG Supply Deal

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com