The oil and gas industry is no stranger to big data.
However, with larger volumes of oilfield data amassing daily amid intensifying pressure for higher environmental and safety performance, oil and gas companies are turning to digitalization not just for making better sense of the data but to shake business and operations up.
In fact, Norway’s Equinor sees digitalization as a critical element to boosting revenue by $2 billion, reducing offshore drilling costs by 5%, lowering future investment by 30%, improving safety, and reducing the carbon footprint of its operations, according to a June Hart Energy article Energy Companies Give Meaning to Digital Hype.
To parlay digitalization into even bigger returns, Equinor, among other companies, is tapping FutureOn’s oil and gas digitalization expertise to make and see more of the data. At the ONS Conference in Norway, we recently announced a multi-license agreement with Equinor to employ our 100% cloud-based, offshore engineering software FieldAP to gain further experience and test out digital integration with relevant systems in Equinor. This extended agreement on testing out the software follows a successful pilot test carried out last year. FieldAP allows instant data access – no matter where you sit in the world – visualization of the assets in 2D/3D and real-time cost analysis.
But what can companies do with all this digitized and visualized data? How do you let the data work for you?
Make more profitable decisions
Compared to traditional project planning methods, our cloud-based technologies bring real-time data into plain sight through easy-to-use 2D/3D visualization; it’s the next-generation of project planning. With the added benefit to see real-time cost analysis, companies can make forward-thinking, meaningful and prompt decisions. In fact, the digital transformation in the oil and gas sector could unlock $1.6 trillion of value for the industry, according to a 2017 World Economic Forum whitepaper.
Traditionally, disciplines across oil and gas companies work in institutional silos using aggregated data from several different systems. Applying a centralized digital and visual environment deepens collaboration of engineers and project managers, as they work from the same data pool in real-time, offering operational transparency, innovative solutions to issues, engineering workflow improvements and better safety performance.
Open up new revenue opportunities
Data-driven learning across all disciplines of oil and gas companies not only provides better decision making but also can create new business opportunities. In fact, Shell plans to roll out a service in some parts of the world that allows cars to be refueled as they sit in parking lots. Digitalization played a key role in this business opportunity because they could see new ways of delivering gasoline to consumers, according to a recent Hart Energy article Energy Companies Give Meaning to Digital Hype.
Data is at the heart of the digital transformation, so let us put it to work for you. Contact us today, and let’s get your future on.