Given the current political and economic climate of the Oil and Gas Industry, operators and manufacturers are facing increasing scrutiny over every step they take, and are under great pressure to reach revenue faster than ever before.
As the transition towards low-carbon energy continues to gather pace, operators are facing the dual challenge of trying to maximize the potential of their current assets and exploring new ways to create cheaper and cleaner energy.
The ambitious goal to decarbonise the global economy within three decades is compelling most forward thinking companies to adopt more efficient and innovative digital strategies that offer a greater degree of assurity of success and efficiency in an uncertain marketplace.
Unpredictable fluctuations in the market, combined with the growing affordability and popularity of alternative green energy, mean margins in oil and gas are rapidly thinning.
There is little to no room for poor planning, errors, delays, or underutilized assets at any stage of field life cycle.
A recent Dutch court ruling against Shell, which ordered the Anglo-Dutch supermajor to cut emissions by 45% by 2030, has heightened the urgency for the oil and gas industry to accept, embrace and develop clean energy alternatives.
Shortly after the ruling, another unprecedented event took place when shareholders voted to elect two green energy activists to the ExxonMobil board, while 61% of Chevron’s shareholders voted to slash emissions.
These decisions are an indicator of just how important climate has become on the global agenda, and that now companies must take more responsibility for their own carbon emissions and those of their customers.
Customers, shareholders, employees and the global community have made it clear they want the transition to speed up and greater accountability across the energy industry.
Waiting for policy makers to set the pace of change is no longer an option; companies have to get proactive in driving innovation and the transition to clean energy.
Now, as the world tentatively re-emerges from the pandemic and the market shows signs of recovery – with Brent crude hitting $72.27 a barrel its highest since May 2019 – companies should not lose focus on the approaching transition.
Looking to the future, companies should start considering what tools will enable them to reach their net zero targets faster in the most cost efficient way possible.
Innovative and collaborative tools, such as FutureOn’s FieldTwin Design technology, enable operators and contractors to both make the most of the assets they have while planning for a greener future producing cheaper and cleaner energy.
FutureOn’s offerings, FieldTwin and FieldTwin Design, are powerful cloud-based solutions that save time and cost by facilitating maximum industry collaboration through cross-platform digitalization of field planning, realisation and operations.
Digital twin technologies have in recent years revolutionized how data is used and shared, encouraging the effective communication necessary to achieve results, even in the most difficult of economic and operational environments.
Using FutureOn’s technology, producers are able to optimise asset performance and value, through greater efficiency, stream-lined workflows, and better collaboration at every stage of the planning and lifecycle process.