Disruptive Technologies in the Oil & Gas Industry
Disruption has been a buzzword for more than a decade now. It’s been used across various industries to describe an intentional change to the traditional way of doing things. Whether it’s a product, process, service, or approach, the end goal of disruption is to introduce a dramatic improvement that replaces outdated thinking.
However, the oil and gas industry isn’t known for its ability to embrace change. Operating under the precept of, “If it isn’t broken, don’t fix it,” many companies frequently ignore the enhancements brought about by digital technology.
At EAG Inc., we believe these changes over the past year-plus have moved our industry forward in the right direction. We had to learn how to do business in different ways. Sure, it was physically disruptive for teams, but we learned to become much more efficient.
Here are the top technologies that have disrupted the oil and gas industry, we think for the better.
1. Cloud Computing
As a technology, cloud computing is nothing new. Entire industries have been operating on the cloud for several years. But for an industry that has offices and worksites thousands of miles apart, oil and gas companies are still acclimating.. The work-from-home culture created by the 2020 pandemic fast-tracked the adoption of these services, and work processes have never been the same.
In short, cloud computing has dramatically helped companies become more agile and efficient with how they stand up new operations from scratch. Moreover, cloud computing can drastically reduce the time to deliver, making oil and gas companies very flexible. Yes, the technology has hindered the work of hardware-reselling companies while also drawing the ire of hardware salespeople. But the actual exploration and production companies themselves are thrilled with the increased speed to deliver solutions and ramp-up projects.
2. Big Data and Analytics
The idea of “big data” can be somewhat nebulous, depending upon your industry. In oil and gas, we think of it as modern data architecture, the systems and technology used to collect, store, process, and share data across your company. Thanks to this technology, oil and gas companies can pull data using optimized solutions to complete all manner of tasks:
- Real-time reporting
- Faster decision-making
- More detailed examinations
- Reducing failures in the field
- Analyzing risks faster and quicker
C-Suite executives have access to more and better information at their fingertips with a robust data warehouse, while field operatives can respond to things in a more timely fashion.
3. Automation
Like cloud computing, automation isn’t new, but it’s new to oil and gas companies. While early adopters preached its considerable virtues for years, our industry has finally seen the light. Specifically, automation offers the following benefits:
- Increased efficiencies
- Reduction of human error
- Completing time-consuming tasks
- Providing humans more time for analysis
- Increased potential with scaling
The use cases continue to grow as oil and gas businesses explore how automation can help with data scraping, converting unstructured data to structured, and using artificial intelligence to make critical decisions with the data.
Upcoming Oil and Gas Industry Technology Trends
We’ve merely scratched the surface of the digital technology that helps the oil and gas industry. As companies finally recognize that they need to adopt new-school solutions, we believe the following products and services will become more commonplace:
- GPS systems – Trucks delivering without drivers, driver tracking to optimize routes and delivery efficiency, and more.
- Drones – Regular visits to remote locations to review pipeline conditions instead of waiting for a malfunction to send an actual person.
- Virtual monitoring virtual devices – Check the status of your devices before things break, create better maintenance schedules, learn how and why to fix something, and more.
- Blockchain technology – not the cryptocurrency aspect, but the potential for sharing information, communication, and transparency.
It might feel disruptive now, but oil and gas companies are finally recognizing how technology can help them adapt.. They are examining various remote and automated options to increase operational efficiency, improve health and safety, improve training by saving time, and enhance procedures.
It’s Time to Embrace Technology and Innovation in Oil and Gas
Oil and gas companies have long ignored adopting the latest technology because of the potential for negative disruption to how they operate. Companies should constantly evaluate the latest and greatest developments as new technology can be a positive boon to your business. If the past 15-plus months have shown us anything, it’s that the oil and gas industry will benefit from innovative upgrades.
If you’re interested in learning more about how your company can become more efficient and make better and faster decisions with technology, then talk to EAG Inc. today. You will work hand-in-hand with oil and gas experts as they evaluate your systems, recommend the best services, and prepare a digital transformation plan that will help your business adapt.