Sensors, Block Chain, and Predictive Analytics Driving Opportunities in the Oil and Gas Sector
The term ‘digital oil fields’ (DOF) is also referred to as Smart Fields, Intelligent Oil Fields; it is a 360 degree real-time approach for asset management, remote monitoring of oil wells and fields via integration of digitization. It encompasses a wide range of tools, tasks and disciplines via automation which results in higher productivity and optimization. DOF helps in easing the sustenance and maintenance of the organization’s resources that are vital to business and operations in real time. DOF offers asset management through real time monitoring where factors like engineering, operations, maintenance and finance unite into one integrated business process. This provides the on-site fields the necessity to exercise a new approach to investigate the fields and wells remotely.
DOFs are built in phases to scale optimization by integrating, operating and optimizing production- related information in real time to enhance field operation and development. DOFs thrive to be robust, scalable, and upgradable so as to achieve greater levels of advancements in technology in future.
Incorporating digitization in oil wells and refineries will directly hinder the optimization workflows and it would get rid of the complexity issues that the operators in oil fields face on a day-to-day basis. Manual decision-making is reduced except for operators who compute, gather and collect the data which is achieved through automation over operational processes performed through technologies such as artificial intelligence, Big Data, block chain, sensors and drone technology and robotics.
Key Questions Answered in the Technology and Innovation Research Report:
1. What is the significance of DOFs in the Oil and Gas sector?
2. What are the major technology trends and key enabling technologies?
3. What are the factors that influence technology development and adoption?
4. Who are the key innovators and major stakeholders driving developments?
5. What are the future prospects of the technology?
6. What sort of strategies do DOFs adopt for gaining entry into the market and for sustainable competition?
