GlobalData’s latest thematic report, entitled Digital Oilfield, discusses how the oil and gas industry is gearing up to improve competitiveness and sustainability.
Digital oilfield is a concept that combines business process management with digital technologies to automate workflows for maximising productivity, reducing costs and minimising the overall risks associated with oil and gas operations.
Digital oilfield of the future
It is to designed to transform the upstream sector by enabling in the creation of a ‘digital twin’ that replicates the performance of an oilfield on a computer.
The digital oilfield hopes to improve the oil and gas sector’s attractiveness by converging operational technology with information technology, especially in a low oil price environment.
In the past 15 years, the adoption of digital oilfields has gained impetus due to advancements in technologies for sensing, automation, connectivity and data analytics.
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A comprehensive implementation of digital oilfield can assist oil and gas companies in increasing operational efficiency, production optimisation, collaboration, data integration, decision support, and workflow automation.
Additionally, it can benefit in achieving productivity gains through improved reservoir understanding, remote monitoring of drilling and completion operations and through logistics and supply chain optimisation.
Nevertheless, lack of well-defined processes and workflows and the shortage of digital-ready workforce is hindering the adoption of digitalisation in the oil and gas industry. Dependence on legacy systems and remotely scattered oil and gas fields are further complicating data-capture from all producing assets.
GlobalData’s thematic research identifies multinational oil and gas companies – such as BP, Shell, Chevron and Equinor – as the leaders in the digital oilfield theme.
The research also identifies oilfield service providers, such as Schlumberger, Halliburton, Baker Hughes and Weatherford among the leading players in this theme. The research also examines the contribution of technology and automation providers in enabling the development of digital oilfield technologies.
Digital oilfield who’s who