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Urgent need for digitization

Oil and gas: urgent need for digitization

In June, the Operatiomal Excellence in Energy Chemical & Resources conference was held in Calgary, Canada. From all readings can be deduced that the oil and gas industry is increasingly open to consider new technologies and solutions and, more important, to work with solid technology partners to achieve operational excellence and thrive in difficult times.

There were several large presentations and discussion panels between the different actors in these strategic sectors as well as representatives of technological companies with the aim of taking advantage of technologies such as data analytics, machine learning and artificial intelligence, mobility and IIoT to search for operational excellence, improving the reliability and integrity of the assets, optimizing the performance of the wells, also optimizing artificial elevation, reducing transport costs, increasing production and thus improving profitability.

The vice president of consulting firm Baker Hughes defined the word 'innovation' as a new idea that becomes a good or service that can be sold or marketed. "Otherwise ideas are wasted without successful execution." Innovation must be tied to customer needs, be economically sound and rely on viable technology, highlighting the many challenges facing the oil and gas industry today, including low oil prices, increased global energy needs and production sustainability at $ 50 per barrel, reduce the costs of locating and developing new wells, focus on optimizing production and mitigating risk in new and old wells.

Also, Baker Hughes' vice president drew attention to a large digital data gap in the oil and gas sector, as they are an intensive source of data but not connected and heterogeneous, resulting in major disruptions.

The application of Big Data techniques and the Industrial Internet of Things as well as artificial intelligence and simulation techniques can provide great results. Several experts asserted that the oil and gas industry is in what can be called a "perfect storm" situation and therefore in great need of change, since prices are very low and for a long time what is forcing companies to reimagine their operations through digital transformation.