Smart Technologies to Revamp Oil and Gas Industry

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The three-day SPE Intelligent Energy 2016, centered on finding solutions for the embattled oil and gas industry, was held in Aberdeen, UK, in September. It was the seventh edition of the event which is held twice annually and its theme was “New Horizons: Intelligent Energy in a Changing World.” With over 1400 attendees from more than 30 countries, the main objective of the event was to figure out ways to tackle capital expenditure cuts, enhance transparency, and generate value via innovation. The discourse heavily leaned on latest smart technologies and other intelligent energy solutions to stem the current problems.

How to avoid capex cuts?

Faced with plummeting profits on account of a supply glut, the oil and gas industry is increasingly resorting to capital expenditure cuts these days. This is definitely not a good sign for the industry but given the grim outlook, it is absolutely necessary. Against such a backdrop, a smart workable solution for companies would be to create long-term value and change. In order to prevent delays in completing projects, maintenance, and sudden slamming the brakes on drilling, companies need to leverage latest technologies such as Internet-of-Things (IoT), data analytics, automation, robotics, and artificial intelligence to bring about operational efficiency. In fact, intelligent energy has massive potential to flip the energy industry on its head.

In order to stay on top of the game, oil and gas companies need to quickly figure out smart solutions workable for them. This would free up resources which can be used to focus on core competencies.

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