Digitalization in the oil and gas sector

Digitalization in the oil and gas sector

The so-called ‘Internet of Things’ is where objects and equipment, such as sensors, interconnect and transmit digital information. It generates vast volumes of data (’Big Data’), arriving at high speed (’velocity’) in varying formats (’variety’) with various degrees of reliability (’veracity’) for decision making. Advanced analytics of Big Data can uncover patterns and make predictions. This can reveal potential new business models and give stakeholders a better overview of operations, and more control and independence for managing assets. DNV GL has conducted in-depth interviews on this topic with 25 key stakeholders – operators, rig owners, IT suppliers and consultants. Their views are summarized below.

Digitalization can bring various benefits to day-to-day operations and cost reduction. For condition monitoring, specific, industry, historical and real-time data lets operators improve maintenance and inspection regimes.

Real-time data from wells will allow timely decisions on underperforming wells and other potentially high-cost issues. Detecting anomalies during drilling and operations will enable more effective decision making that can deliver cost savings.

There are also potential benefits for health, safety, security and environment (HSSE) performance. Data-enabled dynamic barrier management can provide a more accurate view of condition status, allowing better prediction and mitigation of equipment failure. Extensive data on efficiency and emissions provides for better monitoring of HSSE performance and compliance. Data analytics improves understanding of environmental risks, and authorities can create more effective regulations and monitoring.

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