A new report from IDC explores challenges faced by oil and gas operators and explores the benefits and value of digital twins technology in agile subsea development.
It’s no secret that the Oil and Gas industry is facing unprecedented challenges that are compelling operators to rethink how they design, develop and maintain the subsea oilfield. Oil price volatility, CAPEX constraints, enhanced efficiency needs, rapid time to market, sustainability and decarbonization, and proactive management of subsea operations are just a few of these challenges.
On top of those pressures are the challenges brought about by the Coronavirus pandemic. A succession of lockdowns saw a downturn in the price of oil and forced operators to quickly seek solutions to running oilfield operations with limited manpower. This sudden ‘new normal’ has increased interest in remote asset management solutions, including digital twins, from oilfield asset owners.
It’s the combination of these mounting pressures that is driving the industry towards a leaner and more sustainable business model that is supported by digital innovation. Even without the impetus of the pandemic, field operators are increasingly looking for digital solutions that can transform the way they typically deal with the various complex stages of oilfield development and the related subsea capital projects.
IDC predicts a rise in the use of subsea digital twins
Now, as the Oil and Gas industry starts to show signs of recovery, oil majors are gradually returning to warm to high‐risk‐high‐reward deep sea projects. This potential shift in upstream exploration and production strategies is directing industry focus towards the potential of subsea digital twins.
Although not new to the industry, a wide adoption and application of digital twin technology could provide a long-term solution to the challenges faced by the industry today and in the future. Data from the IDC predicts that “by 2022, 90% of deep‐ water operators will use subsea‐ processing digital twins on new projects.”
The latest report from the IDC, “Closing the Digital Oilfield Divide with Subsea Digital Twins,” takes a closer look at how oilfield operators can leverage digital twins to optimise both asset and project management.
The IDC report covers the following areas:
- The benefits of digital twins for agile subsea field development
- Why visualization, simulation, and collaboration are among the most significant value drivers for digital twins among oilfield operators
- How to deliver efficient subsea field design and faster proof of concept
To learn more, download your free copy today.