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.
Digital Opportunities in Upstream
To remain competitive, Upstream oil and gas companies of all sizes are increasingly realizing the need to deliver operational improvements as a means of achieving greater capital efficiency. The fundamental driver is simple, leveraging the power of digital technology to transform business operations can deliver real, sustained value to the bottom line. ‘Going Digital’ becoming increasingly necessary as costs are forced downwards and the labour force shrinks, whilst efficiency and production need to rise. So in this session, we will see how digitizing the upstream sector in the O&G gas field can improve its efficiency.
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.