Rising Technology Trends in the Oil and Gas Industry
Often seen as an outdated or “old school” industry, the oil and gas industry is making strides toward more technologically savvy advancements.
A recent technology boom within the last few years has seen the oil and gas industry adopt new technology to improve safety and efficiency as well as costs. Automation and digitization have been the driving forces behind many of these new advancements.
According to Start Us Insights, the major tech trends positively affecting the oil and gas industry in 2021 are the internet of things (IoT), artificial intelligence (AI), big data and analytics, and robotics and automation.
Let’s dive into a few ways emerging technology is changing the way oil and gas companies function.
Automation and Robotics
In the oil and gas industry, many dangerous tasks require workers to put their lives at risk.
To combat risks and protect humans, Robot-as-a-Service (RaaS) solutions are being adopted.
Robots are being used for site surveys, inspections, toxin detection, and industrial tank cleaning, while automation helps detect when preventative equipment maintenance needs to be done or supplies are running low.
Many repetitive tasks waste time and money in the oil and gas industry, like visual equipment checks or casing wells before drilling operations. When monotonous tasks add up, operators will cut corners to get the job done quicker — which leads to more injuries and unsafe working conditions.
Utilizing automation and electronic monitoring systems for harmful or mundane tasks means fewer staff members are required to manually check and monitor systems. Less human input means less chance of human error.
The use of robotics will improve safety at your plant while also saving the company money.
Artificial intelligence can be used in downstream, midstream, and upstream operations.
AI uses scientific data to help make decisions by gathering cognitive, prescriptive, and predictive analytics. It can help predict trends, monitor equipment, operate machinery, and even find new areas for exploration.
A case study of AI being used in the oil and gas industry comes from a company called Nesh.
Nesh provides a chatbot service to help operators in the field. According to their website, Nesh “collects data from multiple sources and answers industry-related questions using natural language processing (NLP).” This form of artificial intelligence helps operators make quicker, better-informed decisions when they are in the field.
When artificial intelligence is utilized in the oil and gas industry, it cuts costs, reduces error, and optimized processes.
Internet of Things (IoT)
As new devices and hardware are developed to help the industry, they will require strong network and internet connections to operate; this is where IoT comes in.
Like robotics, automation, and AI, the internet of things helps oil and gas companies ensure worker safety, optimize production, and monitor equipment and areas of exploration.
IoT also allows for real-time data collection to help prevent accidents and improve efficiency.
Items like well sensors, choke valves, and blowout preventers help improve safety because they’re able to monitor safety precautions in real-time and send reports anywhere around the world in seconds.
When it comes to equipment malfunctions, a single minute can be the difference between life or death.
IoT helps to improve efficiency by lowering maintenance costs and increasing visibility into equipment usage and performance. Owners and operators can see where problem areas are and address issues before they become significant obstacles.
Data and Analytics
Oil and gas companies rely heavily on data and analytics to make more informed decisions.
Data provides in-depth information about industry trends, company costs and revenue, supplies, production, and profit. This data is then leveraged to help streamline operations and cut out inefficient procedures.
A company called Welligence offers oil and gas companies big data and AI solutions.
Welligence uses forecasting algorithms, analyzes production history, and shares map locations of fields and drilling sites so you can see what other companies are doing and where. Information like this can help operators and company owners make better decisions and craft long-term strategies.
Upgrade Your Plant by Adopting New Technologies
If you’re interested in improving the overall efficiency of your oil and gas operations, you should adopt the newest technology trends. In such a fast-paced industry, it’s all too easy to fall behind.
Automation, robotics, AI, IoT, and big data can all be leveraged to improve safety, cut costs, and improve efficiency at your plant. Start utilizing the incredible technological resources available today. Read more of our blogs to learn how robots are used in the oil and gas industry.