Digital Transformation in Oil & Gas Industry in 2021

Technologies in Oil and Gas

Digital Transformation in Oil and Gas Industry in 2021

Brilliant Ways Toward Barrels

We are in the midst of the digital revolution touching almost every industry. Our fast-changing world requires businesses to constantly evolve in order to keep ahead of the competition. Despite instability in the global energy market, oil & gas industries will still be adopting new digital technologies over the next few years. We will witness the adoption of digital technologies like Cloud/Edge Computing, Artificial Intelligence (AI), Machine Learning (ML), Industrial Internet of Things (IIoT), Big Data etc. which will help to improve the existing ecosystem of the processes intelligently. We can expect digitalization in the oil and gas industries to be rather evolutionary than revolutionary.

Adoption of AR/VR, Artificial Intelligence, Cloud Computing, Intelligent Automation, etc will boost business agility by breaking down the silos of corporate business processes and lead to complete digitization of processes in oil & gas companies by 2021.

Digital Trends in Oil & Gas

The following technologies will help to improve the existing condition monitoring systems and minimize operational error.

  • Industrial Internet of Things and Remote Monitoring :IIoT enables machine-to-machine communication, breaking down the walls between operational technology (OT) and IT. Through integration and optimization of IIoT technologies, it will be possible to reduce the troubleshooting time in offshore facilities from several days to a few minutes, while constantly monitoring the elements affecting the production and making informed decisions on production and logistics. Using drone technology, employees will be able to monitor in-accessible and dangerous areas of oil & gas facilities. IIoT integrations will also help to minimize human intervention and create a safer working environment. IoT solutions implemented in the oil and gas industry will increase the productivity and efficiency of the plant, resulting in huge cost savings over time.
  • Big Data and Sensor Data Analytics : Plants generate a lot of data, whether it is 3D seismic data, production, logistics or in-house facilities data. For example, currently, seismic data analysis helps to locate the areas which might have oil & gas deposits. Using Artificial Intelligence (AI) algorithms on the data collected it will be possible to create 3D & 4D maps and forecast the availability of oil and gas in the reservoirs. Sensor data analytics will help to monitor the health of machinery and proactively reports maintenance needs, thereby increasing productivity.
  • Edge Data Processing : Edge Data Processing is vital in the oil and gas industry. A typical offshore oil platform generates approx 10 TB of time-sensitive data on production and safety daily. It usually takes days to move this data to a central repository by using a satellite connection (the most common communication way). With the help of edge processing, the companies will be able to assess the data locally and determine whether it needs to be moved to the cloud or stored locally.
  • 3D Printing & Augmented Reality : 3D printing technology is emerging as an innovative alternative for companies in the oil and gas sector to replace traditional ways of procuring and managing spares. 3D printed equipment, molds and spare parts can be a critical alternative in remote areas to keep the industry running 24x7. This technology is a game-changer in the area of equipment maintenance. With the help of AR, users will be able to login remotely to perform troubleshooting and diagnostic activities on the machines. E.g., use case: Visually showing the current status of machinery for Predictive maintenance. The applications of 3D printing and AR technologies are ideal for training, operating and fixing complex machinery. Many leading organizations have upgraded their ‘Incident management system’ to support inbuilt call features to connect with experts immediately over video call who can use in-call AR features on the device screen to guide technicians through a problem.
Benefits of Forecasting.

  • Enhanced oil recovery
  • Analytics for a potential exploration site
  • Predictive maintenance
  • Automation
  • Remote troubleshooting
  • Enhanced asset management and safety

Bottom Line

Aximind's smart solutions help to transform the company's operating model by using IoT and Augmented Reality technologies to monitor, inspect, and maintain any asset remotely, enabling site technicians to access real-time information via an interactive interface from anywhere in the world. We use multiple techniques to analyze data, identify operational patterns and shortcomings to improve operational efficiency and safety at a competitive price for the company.Our solutions are designed and built specifically for assisting Oil & Gas companies to improve their digital maturity and operational efficiency. We have customized solutions to fit the specific requirements and challenges within the Oil & Gas sector.

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