What is Oil and Gas Industry

The Oil and gas industry participates in every aspect of the oil or gas business, which comprises of obtaining, discovering, producing, distributing oil and gas. The technological advancement eases and drives the oil and gas industry forward without much difficulty. The latest technological development has improved environmental protection and conservation of natural resources as well. The oil and gas industry has redefined its boundaries through digitization. The oil and gas industry has embraced digital technology as early as the 1980s, but the industry leverages technology in a complete sense in the 1990s.

Developments in technologies such as cloud, social media, big data, analytics, and more have driven the industry to a new level. The major transformation in the industry occurred with the robotics, automation, and development of remote operating capabilities. The advanced analytics and modeling initiative will assist companies to produce analytical models that have the ability to analyze massive and complex data and deliver it faster with accurate results. Additionally by providing workers on-demand push and pull information via mobile apps and wearable technology which delivers the right information at the right time which will enhance the workers to take accurate decisions. This enhances the productivity and reduces the cost, additionally; the workforce safety is also enhanced with the help of connected worker technologies.

The introduction of the innovative technology of 3D printing has transformed the industry, the technology initiates companies to create complex structures, assisting engineers to derive designs impossible to manufacture previously in mass.

The majority of the oil and gas companies look forward to integrating information technology (IT) and operational technology (OT) at the process, technology, security, and organizational levels to extract the full potential of their IoT investments. The future of the industry is depended on the digitization of the chain and the maximum utilization of the knowledge collected from the connected device for real time optimization of the operations and processes. Therefore, the driving force of the industry has been IoT in the recent times. The integration of IT and OT at the process, security, technology, and organization levels will transform numerous areas of the industry. This will improvise the asset utilization, enterprise risk management, and will lower the cost of ownership. The assets that are digitally connected can significantly decrease costs, shorten schedules, and minimize risk. By implementing digital technology, the companies will be able to transform operations and produce additional profits from the standard capacity. Among other industries, oil and gas industry was the first to implement digital technologies in their operation. The industry implemented 3D seismic, linear program modeling of refineries, and advanced process control for operations long before the technological advancements such as advanced analytics, big data, and IoT swept the existing trends.

The accuracy and visibility provided by digital technologies and advanced analytics deliver focused and advanced views into operations, assists better strategic decision making, increase agility for the executives. Digital enablers, from process digitization to robotics and automation also aid to comprehend the potential of the industry by supporting processes in dynamic ways.