GlobalData’s latest thematic report, ‘Cloud Computing in Oil & Gas ’ discusses the growing adoption of Cloud computing technologies by oil and gas companies in order to adapt to the evolving operational requirements.
Cloud computing allows companies to scale their data management and storage, driving greater flexibility in infrastructure costs. The high computing power delivered via Cloud platforms supports the adoption of other technologies, such as intelligent management of physical assets, which facilitates greater operational efficiency.
Oil and gas companies began tentatively adopting Cloud computing over a decade ago, but in recent years the importance of the Cloud in the industry has grown. More companies are adopting Cloud-first strategies, indicating the long-term importance of Cloud. Cloud computing is a facilitator for the adoption of other valuable time, money and energy-saving technologies, including artificial intelligence and machine learning.
The Cloud enables companies to remotely monitor and maintain wells, fields, and production units. The data can be analysed in the Cloud in order to determine when assets require maintenance, reducing unexpected outages can be limited and making better decisions made regarding when to intervene.
A digital oilfield is comprised of many Industrial Internet of Things (IIoT) devices, which gather data about the processes in the oilfield. The data can be stored in the Cloud, which provides a scalable storage solution to vast amounts of accumulated data. Cloud technology is often affordable than private servers, as companies pay for only as much storage space as they use. This can slim down expenses.
Some of the leading oil and gas players in the Cloud computing theme are BP, Chevron, ExxonMobil, Shell, and Total.