Oil and gas industry makes use of a large number of technologies, spread over distinctive engineering fields. A variety of intense resources are involved in this domain. The exploration and production segment of the oil and gas sector is especially known to be a power-demanding field. Special attention and competent use of technologies are needed to make oil and gas companies more efficient, safe and smart. Fortunately, industry experts like Paul Favret, today strive to explore ways to effectively digitize, automate, and solve complex sub-surface engineering challenges.
A host of new age technologies, starting from Artificial intelligence (AI) and Internet of Things (IoT) to Big data analytics and cloud technology are used in the oil and gas industry today. They can provide much needed competitive edge to oil and gas companies, as well as boost oilfield and productivity. Adoption of advanced robotics and data management practices also contributes to accelerating processing times and cut downs the need for human labor.
Here is more on the most prominent advanced technologies gaining prominence in oil and gas sector today:
- Internet of Things (IoT): Oil and gas companies make use of IoT in order to optimize equipment, improve production, ensure worker safety, as well as monitor remote areas. Sensors placed inside wells, choke valves and blowout preventers allow for real-time data connection. This data, subsequently, helps companies to promptly identify faulty equipment, as well as aids field engineers to predict and act swiftly. With IoT solutions, it becomes simpler for oil and gas companies to reduce maintenance expenses and gain better visibility of their equipment or processes.
- Artificial Intelligence: AI and data science is being extensively used to solve complex issues in the upstream, midstream and downstream operations of the oil and gas industry. AI enabled platforms tend to effectively support decision making with insights from prescriptive, predictive and cognitive analytics. With the use of AI, petroleum engineers and industry managers can discover and implement a variety of new exploration and production ideas in the field to increase ROI.
- Big Data and Analytics: Daily operations in the oil and gas industry tend to generate an expansive volume of unstructured data. Big data platforms aid the data analysts in the industry to draw insights from production and performance data. This proves to be pretty useful for engineers planning to ensure the safety of reservoirs and optimize production. Moreover, historical data of previous operations aids in training and testing AI-driven algorithms and models. With the use of big data analytics, oil and gas industry is able to derive better value for daily decisions to reduce carbon emissions and operational expenses.
AI enables robotic applications that can be found in many oil rigs and refine oil well imaging processes. Certain oil and gas companies even develop blockchain solutions that offer visibility and transparency across the entire value chain. Experienced industry professionals like Paul Favret strive to make use of such premium technologies to improve the productivity of their business.