The characterisation of the Oil and Gas Industry through technology
The advent of technological advances has allowed oil and companies to digitize their operations and make their proccesses more efficient. This has revolutionised the oil and gas industry, as new digital technologies are becoming increasingly intertwined with the oil and gas value chain. With 2019 arriving in a couple of days, let’s look at how technological trends will further re-define the oil & gas industry in the coming year.
Industry 4.0 will be a term that will be heard regularly throughout 2019 as advances in technology are being made. Industry 4.0 refers to the Widespread digitzation is sweeping the oil & gas industry. For the oil & gas industry, 2019 is the year where service companies and operators can transform operational efficiency through leveraging on advanced digital technologies. According to an article by Claxton Engineering, it is expected that organisations will spend as much as $907 billion per year on industry 4.0 till 2020, which will potentially translate to a 10%-50% increase in operational efficiencies. According to a report on the 2019 outlook for the oil, gas and chemicals industry by Deloitte, one of the key trends to note is how opportunities from digital technologies are becoming increasingly apparent and have the potential to unlock new value. With the introduction of technologies such as artificial intelligence and machine learning, oil and gas companies are beginning to re-define operations with rapid digital advances.
Dominance of Industrial IoT
Moving into 2019, Industrial IoT will still remain as the notion of the day. According to Mobidev, technologies such as data analysis and predictive capabilities were on display at the Offshore Northern Seas, showing the potential of these technologies in driving the industry in 2019 and beyond. One good example of these technologies would be the meteorological equipment for oil rigs where weather data will be collected through an installed smart station with multiple sensors. This data can then be analyzed, and thus further improve the forecast accuracy and carry out the forecast without putting human safety at risk.
The above trends indicate that Xerafy has a role to play in the future of the Oil and Gas Industry as oil and gas companies are increasingly looking towards incorporating digital technologies into their operations. China’s second-largest oil producer, PetroChina, is riding the trend of digitising their operational processes as they utilise Xerafy’s Dot Wedge RFID tags on its oil pipelines in Xinjiang to further improve safety, efficiency and asset management at its oilfields.
How can Xerafy play a strategic role in improving operations in the oil & gas industry? How will RFID technology continue to impact the way things are being done in the oil & gas sector? Leave a comment below or drop us an email at email@example.com