What will the price of oil be in future years?

Today the price of WTI crude is $70 and is expected to remain there for a considerable time, but there is no crystal ball.

The one thing that seems to remain constant is growth in demand, with global energy consumption steadily increasing between one and two percent annually. To meet growing demand and support profit goals, how can digitalization keep energy companies competitive despite oil price fluctuation?

Smarter assets

Digitalization makes assets smarter. Smart assets store engineering, costing and configuration data instantly – and they don’t retire and take all asset knowledge with them. With the ability to work with data, companies can adjust well and field planning to accommodate fluctuating oil prices and make more profitable decisions and contingency plans. FutureOn’s cloud-based Field Activity Planner (FieldAP) is a digital offshore engineering software solution that offers a smart approach to asset management.

Future belongs to those who act fast

Industry futurists say in the new era of energy, companies must move quickly to stay competitive. Our FieldAP technology visualizes the field in 3D to allow offshore teams to make swift decisions. Visualization of assets exploits our natural human ability to process visual data faster and speeds up the decision-making process. Studies show humans respond to and process visual data better than any other type of data. In fact, the human brain processes images 60,000 times faster than it does text.

Collaborate and reduce costs

As oil prices swing, energy companies need to do their part to hold costs. To reach cost-control goals, leading offshore teams use highly intelligent technology such as FieldAP to give engineers access to instant data no matter where they sit in the world. Access to the same data allows for greater collaboration across the company and among partners, and enables teams to identify trends and manage cost-reducing efforts.

Renewable energy, too

It’s important to mention the role of renewables when you talk about the steady growth of energy consumption. Oil and gas will remain important for the next few decades. However, the world is turning to renewable energy sources to meet the growing demand, and FieldAP technology offers equal support to offshore renewable energy efforts, particularly wind farms from development to operations.

We are here to help you disrupt your own past and move you into the future. Contact us today, and connect with us on Facebook, LinkedIn, and Twitter to stay abreast of the fast-moving trend toward offshore field digitalization.