Digitization of the assets are undoubtedly proving to be a boon as they can assist the oil and gas (O&G) industry to extract high volumes of hydrocarbons by optimizing their limited resources, propelling the growth of digital oil fields. The IoT-enabled sensors mounted on the pipelines, wellheads, and other equipment generate high volumes of data that is then analyzed and interpreted to gain actionable insights about conditions and output. The future of O&G companies is expected to depend on the ability of the IoT to harness the power of Big Data with use of advanced analytics. Big Data has been described in the past as sharing similarities with unrefined crude oil, as it possesses raw wealth but requires refining to really unlock its immense value.
Oil & Gas Case Studies - Key Highlights
ConocoPhillips deploys analytics
Repsol collaborates with IBM on cognitive computing
Rockwell Automation implements Microsoft Azure
Siemens seismic image analysis
Shell leveraging data to power employee wearables
Given the nature of the oil & gas industry itself, vast amounts of raw data have been captured throughout the extraction and production processes, so it is just a matter of manipulating these assets in an intelligent way. Without actually using this data while carrying out exploration duties, personnel performance visibility, increased detection of oil reservoirs, accurate 3D models of deep-sea structures, and machine and equipment health are just a few benefits that have already been begun to take shape.