The oil and gas industry has seen tremendous innovations over the years in all aspects. As technology keeps advancing, new robotic engineering, artificial intelligence, etc. trends are making exploration safer and more efficient. With oil and gas companies exploring various cost-effective, efficient, productive, and sustainable ways to solve various engineering and exploration challenges, tech companies are also providing innovations like underwater robotics and other highly sophisticated subsea technology for advanced underwater operations. All these aims to reduce human interventions while improving data management processes. Let’s look at some new techs and industry trends that are transforming the oil and gas industry.
Internet of Things (IoT)
The Internet of Things is tremendously improving oil production and the safety of the workforce in the oil and gas industry. It is simply the interconnection of everyday devices through the internet for remote control. The devices are embedded with software or sensors capable of collecting and sharing data everywhere.
Through it, companies can optimize equipment, automate most of their activities, monitor wells in remote areas, and allows real times data collection. IoT solutions for the oil and gas industry help companies to schedule maintenance, minimize cost, and improve the productivity and efficiency of the equipment.
Artificial Intelligence has come in very handy and is becoming a game changer in the oil and gas industry. Industry players are now employing and applying AI and data science solutions to overcome some complex challenges across the board from upstream to downstream operations. It helps companies to make prudent decisions, reduce costs, and improve efficiency. AI applications in the oil and gas industry include:
Exploration and production: Through AI, oil companies and petroleum engineers can collect and analyze a large amount of data, which can help them increase production and also identify new oil and gas discoveries.
Maintenance: AI systems can help analyze and predict the lifespan, efficiency, and upcoming failures of equipment. With this companies can initiate predictive maintenance to avoid costly repairs.
Drilling: With artificial intelligence, oil and gas companies can optimize the drilling of oil wells to reduce the cost of labor and human interventions.
Safety: The safety of the workforce and environment is critical in the oil and gas industry, and with AI-based systems, companies can check for potential safety and environmental hazards. It can help reduce the risk of dangers, accidents, oil spills, and negligence in the fields.
The oil and gas industry is known to be a very complex and hazardous industry. As such, humans are mostly required to work in risky environments, which pose a significant danger to their lives. Thankfully, some tech giants have developed and are providing robotic solutions, including underwater robotics, etc. to help oil and gas companies improve workplace safety and enhance efficiency.
With robots, companies can explore deep waters, which were previously impossible or dangerous for humans to reach. It also helps companies to automate dangerous tasks, reduce inefficiencies, and cost of operations, and improve returns on investment. Robotics can be involved in every phase of oil and gas production.
Data storage and processing are among the headaches of most large companies. The oil and gas industry generates a huge amount of data, and this would require investing in expensive local data storage facilities. But, with cloud computing, companies can remotely store and retrieve data everywhere. It enhances data security, improves data analytics, and helps in the digital transformation of every business. Oil and gas companies can rely on trusted cloud service providers for tailor-made services.
With seismic imaging technology, oil and gas companies can create comprehensive images of subsurface and rock formations, which can help in discovering new oil deposits. The technology sends sound waves into the subsurface and measures the reflections sent back to the surface. With that geologists can create images of the rock formations of the subsurface that can help in oil and gas discoveries.
Automation reduces human involvement in the operational processes. This reduces the risk of human errors and improves efficiency and productivity. Automating production processes also ensure human safety on the field.
After gathering all the needed information using IoT modules and thoroughly analyzing them with the use of artificial intelligence, companies can have a fair knowledge of the conditions of each piece of equipment and initiate maintenance schedules for them. That aside, oil and gas companies can predict potential equipment failures and solve them. Predictive maintenance improves workplace safety while reducing the expensive cost of repairs.
The multi-billion oil and gas industry has transformed tremendously with the involvement of new and efficient technologies. From oil discoveries to drilling and storage to supply, there is tech that is helping oil and gas companies to cut down costs and improve production.