Although the oil and gas industry has been highly automated and connected for decades, the Internet of Things (IoT) will touch nearly every area of O&G operations and customer engagement. With IoT, the O&G industry could tap the utility of autonomous vehicles to explore, develop, and produce under the Arctic ice pack. IoT could help optimize injection and production across horizontal well completions for maximum recovery of original oil in place.
IoT is opening up opportunities for O&G companies to achieve safety, efficiency, and visibility across the enterprise like never before. Many facets of the O&G industry are ideal candidates for transformation. Think about evolving market and environmental conditions, the possibly severe impact of failures or delays, or the highly distributed, remote contingent workforce. What if you could assess asset conditions in light of maintenance schedules or logistical constraints? What if you could equip your contingent workforce to run immediate maintenance at a critical asset? With increasingly sophisticated technology, such processes are now significantly simplified and help you increase the capacity and performance of your company.
IoT is at the heart of this transformation. It connects assets, people, products, and services to streamline the flow of information, enable real-time decisions, heighten asset performance, improve process and product quality, empower people, and open up new opportunities for the industry. Leading O&G companies are already investing billions in IoT – and realizing returns in increased asset uptime, efficient predictive maintenance, reduced cost of compliance, and increased return on innovation. These companies are transforming their business practices, knowing that, in time, IoT will touch nearly every area of O&G operations and customer engagement. How can you successfully join this transformation? Check out a CEO Perspective on this topic here and let us know what you think.