The latest trends in the oil and gas industry are bringing more smartness, safety, and efficiency to the industry. Companies are finding different ways to competitively and efficiently automate, digitize, and solve different engineering challenges. Artificial intelligence, for example, is offering a competitive edge that allows oil & gas companies to raise their well-productivity or oilfield. The gradual acceptance of data management methods and robotics are accelerating the processing time and decreasing the demand for human labor. Here are the top 10 trends in the oil and gas industry.
Internet of Things (IoT)
IoT is used in the oil & gas industry to track remote areas, check worker safety, develop equipment, and enhance production. The sensors in the wells, choke valves, and blowout preventers allow real-time data gathering.
Data science and AI are applied in the oil & gas industry to handle complexities in the upstream, midstream, as well as downstream operations. The platform based on AI is supporting decision-making using data from cognitive, prescriptive, and predictive analytics.
Big Data & Analytics
Large volumes of unorganized data are generated in the oil & gas industry in their everyday activities. Big data platforms can be used by data analysts in the industry to find insights from performance and production data.
Robotics & Automation
The operators in the oil & gas industry work in rugged and complex environments, which can be hazardous to human life. The oil & gas industry is using robotics & automation methods to ensure workplace safety and operational speed.
3D Modeling & Visualization
3D modeling and visualization in high-quality offer realistic representations of different equipment in the oil & gas industry and subsurface reservoirs. 3D modeling uses historical production data to reproduce injection and production phases in the lifecycle of a reservoir.
Cloud Computing is used to process and store data on remote servers, reducing the cost of local memory and demand for computing capacities. Software applications and cloud computing are increasing the scalability, security, and efficiency of the oil & gas industry.
Augmented & Virtual Reality
Augmented & Virtual Reality is playing a big role in the oil & gas industry by increasing efficiency and reducing errors. It offers real-time data on tools, parts, and equipment. Several oil & gas startups are combining virtual and real environments to boost human-machine interactions through smartphones and wearables.
Manufacturing Execution Systems (MES)
MES includes operational and manufacturing technologies like computing systems, as well as supervisory control and data acquisition to manage the production process. Engineers use them to monitor and manage consistent operational processes.
Predictive maintenance as well an operation consists of data gathering from various sensors in the oil field installations and merging them with algorithms of machine learning. Thus, engineers can easily assess the conditions of equipment to take maintenance actions on time.
Blockchain is widely used in various oil & gas industry operations. Blockchain’s smart contracts are offering the transparency and security the industry was searching for quite a long time. Distributed ledgers authenticate employees and contractors.