What Is Digital Oilfield?
Many technologies once obscure and expensive, such as AI/ML and IoT sensors, are now more widely available and affordable. In particular, IoT, data management, applications development, system integration, automation, and advanced analytics have made great strides in the oil and gas industry.
Market volatility and supply chain disruption call for a much-needed focus on agility and efficiency.
At the same time, supply and demand volatility has forced oil and gas companies to focus on agility and productivity. These advanced technologies help oil and gas companies gain greater visibility and control over operations, optimize the maintenance and repair of assets, and engage customers with real-time information about their energy usage and costs.
When applied to oilfield operations, this ecosystem of technology is referred to as the “digital oilfield.” By leveraging digital technologies and data analytics, companies can make more-informed and data-driven decisions, reduce costs, and increase safety while maintaining sustainable production.