Is Digital Oilfield a Sign of Revolution in Oil and Gas Industry?

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Digital oilfield, with the help of digital technologies, is automating workflows for maximizing productivity and minimizing costs and the overall risks associated with oil and gas operations. 

FREMONT, CA: Technology disruption in the oil, gas, and chemical industry is accelerating the pace of change and generating a nonstop stream of opportunities for enterprises. These advanced technologies are transforming the way energy companies locate and drill energy sources. Digital oilfields are already making inroads among the leading players in the energy industry. Companies are using these advanced oil and gas reserves evaluation technologies to determine the best drilling locations and to ensure the effective use of available resources. Here is more about how the digital oilfield is shaping the face of the oil and gas industry. 

The digital oilfield is a concept that combines business process management in the industry with digital technologies to automate workflows for accelerating productivity, reducing costs, and minimizing the overall risks associated with oil and gas operations. It transforms the sector by enabling the creation of a digital twin that replicates the performance of an oilfield on a computer. The digital oilfield boosts the sector’s attractiveness by combining operational technology with information technology, especially in a low oil price environment. In recent years, the adoption of digital oilfield has gained traction due to advancements in technologies like sensors, automation, and data analytics.

A comprehensive deployment of digital oilfield can arm oil and gas companies in increasing operational efficiency, productivity, data integration, decision support, and workflow automation. Besides, it helps to achieve productivity gains through improved reservoir understanding, remote monitoring of drilling and completion operation, and logistics and supply chain management. With a digital oilfield, firms can have a torrent of data with them, and they only need to funnel and orchestrate this data into something that makes sense. With this data, decision-makers in the industry get a support framework that makes operational decision making easier.

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There are certain challenges associated with digital oilfield deployment. But, with a reliable IT infrastructure, firms can make the process easier and improve their business efficiency and operational efficiency.

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