Oil and Gas companies are no strangers to technology, they have been deploying sophisticated technologies on oil rigs and drilling for years. When it comes to digital technologies in particular the use of data, they have realized that there are many untapped opportunities they have yet to take advantage off. These opportunities can lead to huge saving in the upstream sector, PWC estimated that the correct usage and deployment of digital drilling could lead to saving excess of USD100 billion by 2025. That’s a huge number considering that the industry is now more than ever looking to increase efficiencies with the price of oil being around USD60 per barrel.
Each company’s Digital Journey is unique and there is no set templet on how implement these technologies into their upstream business. Companies are deploying Apps, creating data lakes to store information, developing super computers to process data, deploying digital twins and establishing digital centers of excellence.