For 6 years, the Energy Conference Network has been organizing the leading digital . However, there is also a significant upside, as there are benefits in terms of improved profitability and enhanced safety. In today's accelerating environment, many industries have effectively used digitalization to attain control. Forecast for Advanced Analytics by 2016, 50% of Oil and Gas companies will have advanced analytics capabilities in place analytic excellence will help to improve production by 6% to 8% 11,900 new data analysts expected for hiring by Oil and Gas companies. The first part of the webinar focuses on addressing the digitalization opportunities for upstream oil and gas, moving thereafter into a specific example from the Norwegian continental shelf. By Felicity Bradstock - Mar 24, 2022, 12:00 PM CDT. 14. We have found that digitizing downstream operations leads to the following benefits for oil and IOGP created DISC (the Digital & Information Standards Subcommittee - formerly known as the Information Standards Subcommittee - ISSC) in 2015 to address the lack of common industry data and information standards relevant to the Oil & Gas industry. Our Experts The experts at BCG's Center for Digital in Oil & Gas work with leading energy companies worldwide to master digital transformation. The focus needs to be on value and not novelty. Table of content . Facing pressure to improve sustainability while navigating an ultra-unpredictable energy market, the oil and gas midstream sector must also compete with other industry sectors for increasingly scarce investor resources. The oil and gas industry, like many critical industries, is looking to digitalization to bring operations into the modern era, improving efficiency, productivity and safety across every aspect of the business. What happened to Digitalization in the oil and gas industry: stop cannot be continued // Oil and Gas Vertical Digitalization, digital transformation was one of the key The Deloitte Insights graph below suggests that greater organizational digital maturity leads to: The oil and gas industry is in the midst of major transformations. Due to the high consumption of energy resources and price sensitive market, organizations are finding new ways to reduce their operating costs. The main vector of . The oil and gas industry was forced by the Covid-19 pandemic to . Facing pressure to improve sustainability while navigating an ultra-unpredictable energy market, the oil and gas midstream sector must also compete with other industry sectors for increasingly scarce investor resources. Because of the complex nature of operations, outsourcing and absence of digitalization, the supply chain inefficiencies lead to project delays and greater cost implications. Oil and gas (O&G) companies can no longer afford to ignore digitalization, says GlobalData, which notes that any O&G company that doesn't start to modernize now risks going under. Many oil and gas company leadership teams understand that digitization is more than an opportunity — it is an imperative ( see Exhibit 1 ). Industries are embracing technology to reshape their operating landscape and reap the benefits of improved productivity, higher efficiency, and increased cost savings. On Deloitte's 2019 Digital Maturity Index, the oil and gas industry scored an average of 1.3 - lowest on the spectrum compared to all other sectors. The oil and gas industry is a front runner on the migration from industry 3.0 to industry 4.0, and . Digitalization is driving a truly disruptive transformation within the oil and gas industry. Digitalization, albeit a word or practice discussed for some time, is yet to be fully adopted within the oil and gas industry. The seminar gathered leading experts in this field, from the industry, academia and technology providers, namely: Ron Beck, Industry Marketing Director at Aspen Technology, who covered the most important digital technologies transforming the operations of the oil and gas industry and what they mean for organisations and employment. 1 . For oil and gas industry operators, a move to the digital era will offer the potential to accelerate productivity, improve operational . With little expertise in this area, the company needed a clear roadmap for the ambitious overhaul. Digitalization is the reason behind a fierce debate among policymakers, economists, and industry leaders. Why Digitalization Matters for Oil and Gas The 'Internet of Things' (IoT) is driving the rapid pace of digital adoption across multiple industries. Initially, the fight was to explore new oil and gas reservoirs, then it boiled down to using renewable energy, and finally, it has come to the digitization of the oil and gas sector. According to Deloitte, the application of existing digitalisation technologies could generate a further $1.6 trillion in global revenue. Although a digital strategy can address some of these pressures, some larger questions remain. In the article, "Embracing Digital Processes in the Oil and Gas and Construction Industries," written by Shay O'Connor for Flowforma, she explains that when a common process, such as that of "risk monitoring," commonly performed by hand is digitalized, it achieves a savings of 30 minutes. For the oil and gas industry, CAPEX and supply chain have been the major costs, which has only been rising recently. Advances in digital technologies have the potential to allow the industry to respond effectively to changes in the market. . Digital transformation is inevitable for the oil and gas the industry to efficiently and sustainably address the challenges . The oil and gas industry continues to be a slow adopter of digitization and digitalization, even though it is critical for the industry. The leading data and analytics company highlights Internet of Things (IoT) technologies such as digital twins have the potential to be the backbone of . In conclusion, digitalization and Industry 4.0 bring to the oil and gas industry a brilliant opportunity to develop and implement highly efficient processes to maximize its returns. The oil and gas industry continues to be a slow adopter of digitization and digitalization, even though it is critical for the industry. Impact of digitalization on oil and gas industry? Advanced capabilities allowed by the integration and digitalization of upstream oil and gas operations will help in significant ways as the global oil and gas industry seeks to increase margins by reducing production costs wherever possible. In line with this vision, comes the implementation . After a period of financial turmoil, it has become evident that the oil and gas industry needs to undertake transformations. BCG helped the company understand where digital tools could remake the customer journey, identifying 20 initiatives that could improve the . The oil and gas industry is turning towards digital communication technologies to develop more efficient ways for communication, remote monitoring, and real-time asset management on oil rigs and oil fields. Judson opened by noting many technologies are involved in digitalization including artificial intelligence, machine learning, the Industrial Internet of Things, the cloud and analytics. Digitalization, and the Industrial Internet of Things (IIoT) trend have been fueled by the widespread distribution of low-cost smart sensors, increased connectivity, and new-generation data . influence of digitalization in the oil and gas chemical sector on the energy efficiency of Russian Industry. 1.Key highlights 3 2.Digitalization in oil & gas sector 4 3.Digital (smart) oilfield and well 5 4.Digitalization in oil & gas sector in Kazakhstan 7 4.1 Smart field at Embamunaigas 7 4.2 Smart control system at Ozenmunaigas 8 4.3 State program on "Digital Kazakhstan" 9 However, it is too early to talk about a full-fledged digitalization of the industry. Those companies investing appropriately now will outperform the competition both commercially and from an ESG perspective, ensuring they are contributing to the preservation of our Earth. gas industry and 125 Israeli tech companies for discussions on how novel digitalization and automation technologies can create value in the oil and gas industry, we are pleased to continue and deepen this important, business-oriented dialogue. Those companies investing appropriately now will outperform the competition both commercially and from an ESG perspective, ensuring they are contributing to the preservation of our Earth. A national oil and gas company in Asia needed to harness digital technology to transform the way it engages customers—both consumers and businesses. To accelerate the digital maturity, the industry really needs to co-innovate data driven augmented solutions, to reduce the capital waste, and data waste. There are many unique challenges, however, to creating the communications infrastructure that will underpin this transformation. which measured industry attitudes towards digitalization shows that 33 per cent of professionals in the sector are . Even driver companies are still focused on improving the efficiency of basic production processes, and only a few are using the achievements of digitalization to . The oil and gas industry is beginning a transformation of its own, increasingly looking toward data-driven solutions to boost performance, enhance efficiency and ultimately, to reduce costs. The digital transformation in upstream oil and gas. The Importance of Digitalization in the Oil and Gas Industry. Digitalization can help return the upstream oil industry to profitability—if companies embrace digitally driven business models and greater collaboration. The oil and gas industry has stood on a precipice for too long: faced with lower prices and more difficult recovery, the industry should have begun innovating and readily adopting new technology ten years ago. Digitalization is going to impact every industry in the next 5-10 years. The 2018 Global Energy Talent Index (GETI) report stated that opportunities for remote and flexible jobs are in-demand for young employees and 48 percent of respondents referred it as an . In fact, the World Economic Forum is predicting that by 2025, new digitalization technologies will add $220 billion in value to the oil and gas industry. On Saturday (6/2/2021), HMTM "PATRA" ITB, SPE ITB SC, and IATMI SM ITB held an Integrated Petroleum Guest Lecture (IPGL). What happened to Digitalization in the oil and gas industry: stop cannot be continued // Oil and Gas Vertical Digitalization, digital transformation was one of the key Performance of oil and gas companies faced with the dawn of digitalization Beyond its operational contribution to working methods, digital technology offers the potential for major revolution in the oil and gas industry. 13. Energy Efficiency, Petrochemical Sector, Advanced Production Technologies, GDP Energy Intensity, Dupont Model, Digitalization. Digitalization in the oil and gas industry: it cannot be stopped // Oil and Gas Vertical Digitalization, digital transformation was one of the key topics before the pandemic. According to research, the three biggest digitalization priorities for the oil and gas sector in 2020 are cloud-based applications (47%), data platforms (44%) and AI (27%). Table of content . This is a final chance to join EnergyNow at the 7 th Annual Digitalization in Oil & Gas Canada Conference on April 27-28 at the Hotel Arts in Calgary.. Digitalization is a transformational lever waiting to propel O&G into the future as a desirable people-first employment sector. As increasing volumes of data are being stored on networked servers, there is a higher probability of this data getting targeted by hackers, says GlobalData, a leading data and analytics company. According to one whitepaper released by the World Economic Forum, digital transformation could unlock more than $1.6 trillion in new value for the global oil and gas industry between 2017 - 2027. Niche digital software solutions provide the key for energy-sector companies to enhance the agility, transparency, productivity and economic viability or their operations. And as per the survey conducted by UN, most of the jobs that require human force will be handed over to automation by 2020. The digital oil fields (DoFs) are over a decade old - connecting remote oil & gas fields to operations centers from where asset performance could be monitored and decisions made based on real time data. The oil and gas industry is increasingly relying on digital technologies to transform itself in the 21st century. Although leading Digital transformation in the predominantly old school Oil and Gas Industry, Schlumberger is still fighting its internal battles. Digital transformation in the industry could create benefits worth about $640 billion for wider society. Keywords. Digitalization in Oil & Gas Industry. In the oil and gas industry, we can use IoT devices and sensors to provide us with real-time data on equipment, pipelines, storage, operations, and employee safety. Digitalization Adds Value. Businesses need to keep up or risk falling behind. Digitalization is a key driver of the oil and gas industry. The impact of digitalization on the oil & gas industry An interview with Bently Nevada's Terry Knight By Terry Knight April 6, 2020 Terry Knight is president and CEO of Bently Nevada Corp., a Baker Hughes business, known for its condition monitoring software and associated hardware. Digitalization is the buzzword on everyone's lips in the oil and gas sector. To better manage this perfect storm of challenges, pipeline companies can . DISC: Driving digitalization. Digitalization Projects for the Oil and Gas Industry A new wave of digitalization is made possible by the combination of exhaustive int ernet access, computing power and storage capacity, artificial intelligence, big dat a, algorithmic autonomous decision making and r obotics. Impact of digitalization? May 19-20, 2021. The digitalization of the oil and gas industry appears to be unavoidable at this stage. Regardless of future changes (4) Frans Van den Berg: The digital oilfield, collaborative working at global scale - As the people driving this change, it is essential that we face this challenge head-on, and be aligned to the ever-changing demands during the times ahead. Key strategic imperatives in the digital journey Scalable IT: Digital technology is not new to the oil and gas Industry. Oil and gas (O&G) companies can no longer afford to ignore digitalization, says GlobalData, which notes that any O&G company that doesn't start to modernize now risks going under. The oil and gas industry is beginning a transformation of its own, increasingly looking toward data-driven solutions to boost performance, enhance efficiency and ultimately, to reduce costs. The controversial issues of transition to Industry 4.0 on a global scale have been discussed for a considerable time, but the main tools and terminology of the fourth industrial revolution as an economic category were introduced into scientific . with savings of roughly $170 billion for customers, the digital transformation is said to improve the productivity by approximately $10 billion the oil and gas industries can save $30 billion from dropping the water usage whereas $430 billion from decreasing the emissions digitalization also helps the environment by reducing co2 emissions by … The economic and technological potential, characteristic of Industry 4.0, determine the effectiveness of management decisions, increase the speed of their adoption, improve How exactly can digitalisation transform Oil & Gas According to software provider AVEVA - who specialise in supporting Oil & Gas companies - there are three primary ways: Process optimisation with a digital twin Oil and gas companies are being pressured on pricing and their ability to access new assets. In late 2019, the Sub Committee expanded to include a focus on . Crude oil was traded as low as $30/bbl [1] in the third quarter of 2015. Clearly, the oil and gas industry is leaving plenty of benefits on the table. Here are five takeaways related to the challenges facing the industry to date, and how the power of digitalisation can help oil and gas leaders drive the digital revolution. Siemens is a leading supplier of powerful software solutions for optimizing the entire value chain. In line with this vision, comes the implementation of strategies to unmanning of oil fields around the world. The oil and gas industry is not a stranger to this and is progressing towards digital maturity. Digitalization, albeit a word or practice discussed for some time, is yet to be fully adopted within the oil and gas industry. It certainly won't insulate employees from industry shocks, but increased digital maturity will enhance industrial employment, leading to a more stable, safer and happier workforce. THE ONLY DIGITALIZATION-FOCUSED CONFERENCE FOR THE CANADIAN ENERGY SECTOR Amid the COVID-19 crisis, the Oil and Gas IIoT Sensors market estimated at US$659.1 Million in the year 2020, is projected to reach a revised size of US$892 Million by 2026 as per global industry analysts, inc. To accelerate the digital maturity, the industry really needs to co-innovate data driven augmented solutions, to reduce the capital waste, and data waste. Oil and gas companies constantly struggle to attract young, tech-savvy talents to the industry, and digitization is a very promising solution for the issue. As the Oil & Gas industry journeys towards net zero carbon emissions, a lot needs to be done, one of which is the adoption of digital transformation across companies. He asked the panel to bring their perspectives to where the potential for value for oil & gas producers. Digital transformation in the oil and gas industry is already a fact of life. Academy of Entrepreneurship Journal (AEJ), 27(4), 1-11. The oil and gas industry has faced rapid changes in the past 50 years. Digitalization has the potential to create around $1 trillion of value for Oil and Gas firms. In the present climate, the quest . 1.Key highlights 3 2.Digitalization in oil & gas sector 4 3.Digital (smart) oilfield and well 5 4.Digitalization in oil & gas sector in Kazakhstan 7 4.1 Smart field at Embamunaigas 7 4.2 Smart control system at Ozenmunaigas 8 4.3 State program on "Digital Kazakhstan" 9 McKinsey & Co. finds that the effective use of digital technologies in the oil and gas sector could reduce capital expenditures by up to 20%; it could cut operating costs in upstream by 3-5% and by about half that in downstream. Companies that are having to deal with a suddenly much shorter outlook horizon because of the pandemic . Digitalize your oil and gas pipeline business. Introduction Globally oil and gas industry continues to grow, where gas demand is expected to grow faster at an average of 1.6% year on year till 2024. 5G a Critical Enabler for Digitalization in Oil and Gas: Emerging Use Cases and Opportunities. The Heat is on in 2018: 3 Trends Driving Change in the Energy & Utilities Industry. DIGITALISATION IN DOWNSTREAM OIL & GAS REGIONAL OUTLOOK North America is the largest region for maintenance spend, driven by the large asset population of both refineries and gas processing plants, and stringent regulation. This includes approximately $170 billion of savings for customers, roughly $10 billion of productivity improvements, $30 billion from reducing . Nguyen T., Gosine R.G., Warrian P. (2021) Digitalization of the Oil and Gas Industry: Practical Lessons Learned from Digital Responses During the First Stage of the COVID-19 Outbreak. Digitalize your oil and gas pipeline business. AI's true value can only be unlocked when humans and machines work in complementary ways. Remote condition monitoring of well-site equipment, especially offshore, is an excellent example. However, digital best-practices and digital maturity vary within and across industries. Ensure you are in the room with valuable stakeholders such as Cenovus Energy, Chevron, Suncor Energy, Shell Canada, Whitecap Resources, Canadian Natural Resources, Vermillion Energy, ARC Resources, TC Energy, TechnipFMC, MEG Energy, Petronas . Digitalization in Oil & Gas Canada. The webinar will conclude by addressing the future perspective on digital technology in the oil and gas industry. Why Digitalization Matters for Oil and Gas The 'Internet of Things' (IoT) is driving the rapid pace of digital adoption across multiple industries. In the oil, gas and chemical industries, digitalization has embraced most of the major players. To better manage this perfect storm of challenges, pipeline companies can . Digitalization, artificial intelligence and cutting-edge technology are considered the building blocks of oil and gas 4.0 industrial revolution. In times of budget cuts and other sector pressures, digitalization holds the potential to unlock around 1 trillion USD of value for Oil and Gas firms. It is seen as the remedy for all the industry's problems from operational efficiency, safety and lack of visibility. So it is a little surprising to . Digitalisation in oil and gas - what the industry experts have to say. APAC will also be a significant region for expenditure as it Digitalization is key to future-proofing oil & gas industry - Huawei. The leading data and analytics company highlights Internet of Things (IoT) technologies such as digital twins have the potential to be the backbone of . 1 . Digitalization Is A Necessity, Not A Choice, For The Oil And Gas Industry. However, unlike many other industries, the oil and gas industry has been slow to adopt technological innovations on the software front. Digitalization, artificial intelligence and cutting-edge technology are considered the building blocks of oil and gas 4.0 industrial revolution. Audun Martinsen, Rystad Energy's head of oilfield services research, said digitalization, which involves converting text, pictures or sound into a digital form that can be processed by a computer, can deliver as much as $100 billion in oil and gas industry savings. BANDUNG, itb.ac.id - The digital transformation era is one of the hot topics, mainly because of its significant efficiency in various industries. The field of oil & gas is no exception. Digitalization in the oil and gas industry: it cannot be stopped // Oil and Gas Vertical Digitalization, digital transformation was one of the key topics before the pandemic. Decarbonization requires a transformational shift in the way companies operate, how they source, use, consume and think about energy and feedstocks. The oil and gas industry is one of the main sector that uses High Performance Computing (HPC) solutions reaching 747 million of dollars in 2012.22 Recently, ENI has launched the HPC4 that represents the biggest supercomputer in the world overcoming BP and Total.23 Nowadays, oil and gas companies use many software to . Digitalization in Oil & Gas Industry. In: Arai K., Kapoor S., Bhatia R. (eds) Proceedings of the Future Technologies Conference (FTC) 2020, Volume 3. the strategic adoption of digital technology is imperative to the survival of the industry, and Canadian companies are proving to be global leaders in innovative solutions and projects. 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