Tech Innovation in O&G Sector

Innovation in O&G Sector!!

The oil and gas sector is oneof the largest sector in the Energy domain, contributingto world economy. So oil and gas industry are now gradually taking innovationsto make the industry more efficient, safer, and smarter. While in one handthere is concern of depleting fossil resources on which O&G sector iscompletely dependent, on the other hand adoption of technological innovationsis showing some scope of sustainability. But the pressure of global climate changeimpacts in the sector or caused by the sector is significant, hence innovation towardsclimate friendly and sustainable future is very much focused in today’s time.

Some of the known andemerging methods adopted in the O&G sector are:

Advances in technologies application: used for well drilling and completion.It shows energy industry to reach new sources of oil and natural gas to meetrising demand around the world.

Horizontal drilling is a proven new practice. Itprovides more contact to a reservoir formation than a vertical well. It allowsmore hydrocarbons to be produced from a given wellbore.

Similarly, Automated drilling is one of the oilindustry’s most important innovation targets.

IoT is a big adoption. IoT (Internet of Things) solutions allow oil & gasfacilities to minimize maintenance costs and gain detailed visibility intotheir equipment or processes. It also improves production, optimizesequipment, ensure worker safety, and monitor remote areas.

3D Modeling & Visualization: 3D modelling simulates the production and injectionphases during a reservoir’s lifecycle. 3D modelling and visualization significantlylowers costs and reduce risks while increasing performance for the oil &gas assets, leading to financial sustainability.

Manufacturing Execution Systems (MES): MES offers intelligent architecture for manufacturingsystems with integrated control for this industry.

Intelligence: ArtificialIntelligence, Augmented & Virtual Reality etc. are new and essential adoptionfor O&G Sector. For such complex sector, a reality technology-basedsolutions boost efficiency and reduce errors by showing real-time information,while AI and data science can be best utilized to solve complex problems inupstream, midstream, and downstream operations.

There are many more research and technological testing being done into the sector. Many more tech innovation will be seen in near time, while focus will be towards low carbon pathway in this sector as well. 

References:

(1)   Research blog at Startus insights

(2)   ResearchGate article in 2019 by Saratov State TechnicalUniversity

Courtesy: google images.