The investment into digital technology is part of many upstream oil and gas companies' strategies to reduce costs while making faster and better decisions. For example, where to drill, and when to drill. Technologies such as the Internet of Things (IoT), cloud-enabled data mobility, and Big Data-powered analytics tools and software, are at the forefront of the digital future for oil and gas businesses.
As one big operator invests in digital tech and sees success, others follow suit, and now we appear to be reaching the horizon of a digital tech arms race to increase efficiency.
Here are just five key insights from a recent survey conducted by Accenture and Microsoft.
- Oil and gas companies are increasingly seeking to leverage the Cloud to unlock the value of other digital technologies at a faster rate.
- Digital investment today is focused on mobility and the Internet of Things (IoT). Analytics and IoT are, the survey suggests, going to lead the way for Oil and Gas digital strategies over the next half-decade.
- Oil and gas companies will continue to invest at least the same amount, or more, in digital technology over the next 3-5 years. This, the survey found, is despite the lower oil prices in recent years. This is particularly encouraging because it demonstrates the commitment to investing in ways for the industry and its key operators to become more efficient.
- Digital technologies are being recognised as capable of adding value to upstream oil and gas companies by reducing costs, enhancing tech speeds and providing opportunities for workforces to be more productive.
- In order to realise the maximum benefits of digital tech, companies will have to quickly improve their tech capabilities, including their understanding of data storage, the cloud, mobility, analytics, and plenty more.
With artificial intelligence (AI), drones, robotics, and digital wearables becoming more and more valuable across various industries, it's inevitable that the world leaders of oil and gas will want to be at the forefront of enhancements if it offers increased business success.
WRS will be keeping an eye on the growth of digital technology in oil and gas as we continue to match the talent that others can't with a host of the major players in the oil and gas industry.