With the changing time, we observed digital revolution in oil and gas extraction. The ongoing cost pressure in oil and gas extraction is a driver for innovations. In this time, this revolutionary change is favorable because digitization offers unprecedented possibilities, whether it concerns a virtual platform or a factory of remote control operation.
More effective use
In this article we have presented a future scenario from economic perspective. For more details you can check FutureOn!
According to the experts Global energy demand will increase by 34 percent through 2035. It could become more climate-friendly if the coal get reduced and natural gas increase. But despite of these increasingly difficult production conditions it is still as number 1 among the energy products. This is why many companies in the oil and natural gas industry have already taken steps towards this future needs.
Digital revolution of Oil and Gas
The digital revolution is already here. Big companies from the oil and gas industry are already playing in the planning of a complex big project such as the opening up an oil field. Here the data plays a leading role as all available relevant data for the planning are collected with the help of a big data analysis. Planning will be centralized in the cloud. There are also special softwares developed for this purpose. As a result, everyone involved always has access to exactly the same, up-to-date information, including the complete history. Also, the employees can exchange ideas in Expert Centers and in a virtual space to think about solutions to the complex problems. To ensure that no problems arise, the software also helps in preventive maintenance. Maintenance intervals are on coordinated with each other and parts that need to be replaced are backordered by the system in a reasonable time.
The Future of energy transition
The energy system with less CO 2 emissions means using less energy. The extraction of energy is also possible from renewable sources and, if that is not possible then using fossil fuels is also possible. It sounds simple, but in practice it is not as easy as it seems. There are many technical options. These must be linked together to form a new efficient and low-carbon process. But this process requires smart choices and solutions. A good example of such a smart solution is the optimal use of renewable electricity.
Another important thing is to have a balance in the energy system between supply and demand for heat, fuels and electricity. But the fluctuating supply of sun and wind is a challenge itself. Sometimes there is too much of that and sometimes too little. That is why there is also the challenge of temporarily storing the electricity from those sources.
Cost efficiency of Digital Revolution
Cost efficiency is a top priority for every process, same is the case with energy sources. Most of the time companies prefer cheap measures but they are only sufficient for a short term. But there is a risk to this as these measures can turn out to be expensive. In addition, it can be cost effective to start on time and gradually with the first application of innovative technology that we will need later. Cheap can turn out to be expensive in the long run.