Global Upstream Technology Conference take a holistic account of some of the most crucial disruptions in the upstream O&G industry, which have redefined the ways it operates, delivers, improves, and innovates in the times of digital renaissance. Further, it also takes a deeper insight into which technologies prove a strategic fit for leveraging multiple aspects of the O&G functioning.
THE TRAJECTORY OF GROWTH THROUGH DIGITAL TRANSFORMATION IN UPSTREAM
A critical deterrent to upstream O&G disruption has so far remained the lack of comprehensive software solutions that could automate, integrate, and consolidate their complex end-to-end operations. As demands for efficiency increase — and competition grows stronger — upstream enterprises are increasingly finding themselves at the crossroads. However, with the emergence of a new digital ecosystem, the potential of disruption in upstream O&G seems no longer speculative. Technologies, such as A.I., IoT, Edge Computing, Blockchain and Big Data, hold a high bar of transformation and can open a floodgate of opportunities for tangible growth outcomes.
The Oil and Gas (O&G) industry is often characterized as a brand that resists repackaging efforts. While we agree that the industry has been slow with its transformation compared to other sectors such as banking, manufacturing, health, and many others who have embraced digitalisation, it’s also true that it’s one of the pioneering sectors to have adapted to disruption.
In reality, the Oil and Gas industry has never been sleepwalking through the digital decades. Facts reveal that they adopted technologies as early as 1980-1990s with a focus on improving resource potential, productivity, and health and safety at oil fields worldwide. However, the industry participants weren’t able to capture the disruptive potential for the most part of the decade. Obsolete systems, muddled data, and upskilling challenges were a few reasons that eclipsed growth prospects of whatever potential existed.
Today, the Oil and Gas industry is finally attending the siren call of disruption. After a period of decayed growth characterized by decimating and big swings in crude prices, budgetary hassles, schedule overruns, climate change, influx of renewable energy, strict carbon regulations, and talent crunch, the Oil and Gas industry is The Trajectory of Growth seeking new ways to alleviate the fears of today and tomorrow. It is rewiring its DNA to let go out of the dinosaur sentiment. A panoramic view of the Oil and Gas industry shows that it has been hit by a wave of digital technologies lately, which includes Mobility, Big Data Analytics, the Internet of Things, Cloud, Augmented Reality, Machine Learning (ML), and Blockchain etc.