Top 5 Trends Driving the Oil and Gas Industry in 2024
Top 5 Trends Driving the Oil and Gas Industry in 2024
A report from BDO Global predicts the digital oilfield market to surpass US$20 billion by the end of 2023.
Considering the increasing usage of the Internet of Things, Analytics, and Cloud Computing by oil and gas companies, the market will likely grow and expand further than the above figures.
As technology continues to evolve, the oil and gas industry has witnessed significant transformations after implementing next-gen digital oilfield technologies – Streamlined operations, increased employee productivity, maximum uptime, data security, and more.
It’s no secret that the oil and gas companies experience disruptions at every stage. However, embracing digital oilfield solutions is one sure shot to optimize field asset and inventory management processes while contributing to net zero.
This blog features emerging tech trends in the oil and gas industry, which will help you with informed decision-making for your company.
Let’s take a closer look.
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Top Technology Trends Driving The Oil and Gas Industry
Digital Twins
Digital Twins can be termed as a ‘groundbreaking’ technology in the oil and gas industry.
A virtual representation of a real-life asset, process, or environment, this technology fills the gap between the physical and digital worlds, thereby giving field technicians deep insights into operations, predicting potential issues, and planning preventive maintenance.
Big Data and Analytics
97.2% of businesses are actively investing in big data and AI, which shows how the oil and gas industry can leverage data for informed decision-making.
Since data in the oil and gas industry can be hard to verify as it originates mainly from subsurface facilities and human operators, using big data and analytics can help companies optimize drilling operations and risk management while cutting down operational costs.
Internet of Things (IoT)
A Finance Online report states there are approximately 14.76 billion connected IoT devices. The IoT has ushered in a new age of connectivity as it digitally connects field assets/equipment, which facilitates real-time data collection, remote monitoring, and smoother operations.
More and more oil and gas companies are utilizing IoT to monitor pumps, valves, filters, pipes, etc, and take proactive measures to prevent downtime, increase employee safety, and plan preventive maintenance programs.
Digital Field Tickets
Digital field ticketing solutions have simplified otherwise outdated and error-prone paper forms, spreadsheets, and emails. Oil and gas companies can use this feature to create, review, and approve electronic field tickets for swift invoice approval and payment.
Using a mobile device, your field service technicians can access ticket information in just a few clicks as you can leverage automated reporting to make data-driven decisions.
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Workflow Automation
If your employees are bogged down by repetitive tasks and experiencing poor communication and task collaboration then workflow automation is just what your oil and gas company needs now.
The best way to achieve workflow automation is by choosing a flexible field service management software for the oil and gas industry that ensures no work steps are stuck in the process.
You can create configurable workflows where users can turn the step on/off and activate notifications for different users to ensure everyone stays updated on the task progress.
Bursys – Reputable Technology Partner for the Oil and Gas Industry
At Bursys, we understand that the oil and gas industry is dynamic and continually evolving, and fresh opportunities and challenges arise every day.
We have a proven track record of delivering successful IT solutions for various O&G clients operating in the United States and other countries.
We collaborate with O&G clients to understand their operational processes, identify areas for improvement, and develop and implement IT solutions that deliver significant operational efficiency gains to Oil and Gas businesses.
Contact us now to learn how we can assist your business to thrive in this digital age.