Five Ways Technology and Data are Changing the Oil Patch


The oil and gas industry is operating under unprecedented pricing pressures. Recent drops in crude prices to below $30 a barrel for the first time in 12 years have prompted fears of bankruptcy among some companies. Fortunately, this pressure arrives at a time when companies can use digital, mobile, and advanced analytics to cut costs, maximize production and find new areas of growth. Used effectively, data reduces the need for layoffs and other drastic, firm-wide changes.
[Read more…]

Matching People to the New Oil Reality


To achieve business goals safely, and effectively extract reserves as quickly as possible, people, assets, oil and gas organisations and third-party contractors need to pull together. It is of course the people that are most important to achieving these aims, and it is the people that present maybe the biggest challenge. There has been rapid industry expansion and now, with the drop in oil prices, rapid contraction of employee numbers. Firstly there was a skills shortage, and now, with the pressing need to cut expenses in the face of dropping commodity prices, the industry cannot seem to offload its employees fast enough.
[Read more…]

Leaving the Digital Brownfield: Aligning Data and Business for Better Results


The industrial network of connected machines with data analytics is creating a new frontier of competitiveness for information-centric, modern organizations. The concept of a digital oil field is hardly new.  Oil and Gas companies have been on an exciting digital journey for some years now, but the race to keep up with digitization technology and optimizing it for business advantage is reaching new levels of competition.
 
At the heart of this Industrial Internet revolution is the promise of big data; data that can be converted rapidly into insights, leading to smarter business decisions and increased automation.   Per the Center of Digital Business at MIT Sloan School of Management, data-driven decision makers generate 4% higher productivity, 6% greater profitability and 50% higher market value from IT.  They also see a higher return on asset investment, return on equity, asset utilization (output per total assets) and market value (market-to-book ratio).
[Read more…]

Industrial IoT Applications: The Benefits and Challenges of Using 4G LTE to Connect Critical Infrastructure


Industrial Internet of Things (IoT) applications in the oil and gas industry require highly reliable, robust and high performing communications infrastructure that can maintain optimal performance and constant connectivity under severe conditions and in remote locations. Decision makers must harness viable, and future-proof industrial IoT solutions that meet their current needs and protect their investment.
[Read more…]