Breakthrough Technologies at Oil and Gas Industries

The oil and gas industries are constantly evolving, and new technologies are being developed all the time. These technologies can help to improve efficiency, reduce costs, and increase safety. 

there’s a clear correlation between innovation and success in growing revenues across oil and gas industries. In Breakthrough innovation and growth, it’s reported that over the past three years, the 20% most innovative grew at a rate 16% higher than the least innovative. And in the space of only five years, the top innovators forecast that their rate of growth will further increase to almost double the global average, and over three times higher than the least innovative.

Innovation in the oil and gas industry isn’t only centered around increasing production. Making sure that operations run safely is another top priority. That can mean finding new ways to monitor the integrity of materials in changing environments or creating new systems for inspection, maintenance, and repair as the industry enters more challenging environments, innovation to ensure safety is becoming more vital.

Effective innovation processes are iterative, beginning with the collection of ideas and progressing through stages of idea prioritization, experimentation and decision-making about which ideas should be commercialized and ending with the delivery and monetization of the innovation. When it works well, this process allows for the rapid development of successful ideas, and the fast failure of bad ones.

breakthrough Innovation is considered to be something that fundamentally changes the dynamics of a given industry or market, It’s actually the combination of many innovations to tackle a specific challenge or opportunity.

In our current age of innovation, there are more emergent technology-based “innovation platforms” than ever before.

Top 10 Oil & Gas Industry Breakthrough Technologies in next era

1-  Internet of Things

The oil & gas industry utilizes the IoT to improve production, optimize equipment, ensure worker safety, and monitor remote areas. Sensors placed inside wells, helping field engineers predict and react quickly. IoT solutions allow oil & gas facilities to minimize maintenance costs and gain detailed visibility into their equipment or processes.

2-  Artificial Intelligence

The oil & gas industry increasingly applies AI and data science to solve complex problems in upstream, midstream, and downstream operations. AI-enabled platforms support decision-making with insights from predictive, prescriptive, and cognitive analytics.

3-  Big Data & Analytics

Everyday operations in the oil & gas industry generate large volumes of unstructured data. Big data platforms help the industry’s data analysts draw insights from production and performance data. This is also useful for engineers looking to optimize production

4-  Robotics & Automation

Often, oil & gas operators work in complex and rugged environments, posing a significant risk to human safety. To address this risk, the oil industry is adapting to robotics & automation solutions to increase workplace safety as well as the speed of operations. Robots are also useful for inspection, surveying, and industrial automation in oil rigs and refineries

5-  3D Modeling & Visualization

3D modeling and high-quality visualizations help create realistic representations of subsurface reservoirs and other O&G equipment. In combination with historical production data, 3D modeling simulates the production, lowers costs, and reduces risks while increasing performance for the oil & gas assets.

6-  Cloud Computing

Cloud computing can store and processing data on remote servers, freeing up expensive local memory and computing capacities. The oil & gas industry generates enormous amounts of data in its daily activities. Using cloud technology and software applications boosts oil & gas efficiency, security, scalability, and eases digital transformation.

7-  Augmented & Virtual Reality

Immersive technology includes augmented and virtual reality (AR/VR), mixed reality (MR), and extended reality (XR). In the oil & gas industry, Reality technology-based solutions boost efficiency and reduce errors by showing real-time information about equipment, tools, and parts. For example, exploration and production (E&P) companies use reality solutions for remote monitoring, downhole imaging, and virtual training.

8-  Manufacturing Execution Systems

MES integrates manufacturing facilities, operational technologies, such as supervisory control and data acquisition (SCADA), and computing systems, to control the production process. As oil & gas equipment manufacturing processes are complex, engineers seek solutions to monitor and control the continuous operational processes.

9-  Predictive Maintenance

Predictive maintenance and operations include gathering data from sensors in field installations and integrating them with machine learning algorithms. This enables engineers to quickly assess equipment conditions and implement timely maintenance measures. Predictive operations, coupled with software platforms, further enable granular part visualizations, allowing O&G operators to predict potential failures.

10-              Blockchain

Blockchain is increasingly penetrating various industrial oil & gas operations. Smart contracts provide much-needed security and transparency of oil & gas documents and operations. Distributed ledgers verify contractors, employees, and maintain smart contracts. Further, Blockchain allows oil & gas companies to automate invoices, post-trade settlements, and joint venture accounting.

 At the end the true measure of innovation success cannot only be seen through a financial lens. Leading companies define measurements that go well beyond the traditional ROI.

Different business units focus on different types of innovation, and these are reflected in the company’s KPI’s. The company’s metrics are divided into four categories—value generated (both tangible and intangible), portfolio efficiency and effectiveness, project efficiency and effectiveness, and strategic alignment. One example of tangible value is capex savings. This metric quantifies savings on capital costs (capex) achieved by applying the innovative technology instead of the best alternative technology available on the shelf. More intangible metrics include patents, publications, and transfer of know-how to other business units.

References:

·        Start Us Insights - Research Blog

·        PWC Innovation Survey