Digitalisation of oil/gas operations to define future profitability

The significant and sustained decline in commodity prices is forcing players throughout the hydrocarbon chain to rethink the way they have historically operated.

According to an ABB white paper report on next level oil, gas and chemicals better connected oil fields, pipelines and refineries mean OGC companies are poised to take their performance and productivity to the next level of efficiency, safety and security.

The report indicate that increasingly cost-effective digital technology will facilitate improved monitoring, more collaborative and integrated operations and remote management to drive greater productivity at reduced costs and risk.

However, to benefit significantly from the potential offered, companies will need to embrace digitalisation on a bigger, much more holistic scale encompassing end-to-end processes throughout plants across the supply chain not just in isolated pockets of change.

“Network-connected assets, when thoroughly integrated, can significantly improve OGC risk, schedule and costs. Deploying the transformative power of digital, however, will required immense and technological solutions”. The report indicate

Industry close watchers opine that embracing latest technology is pivotal if oil and gas operators hope to get as much value out of investment and cut production cost

The oil and gas industry is driven by quality and irrespective of market conditions; the sector is such a CAPEX drive industry that there is a need for advance technology.

Experts observe there is strategic need for operators in the industry to raise their bars so as to have an improved platform performance with very simple equipment.

Onyeche Tifase, managing director, Siemens Limited observed that the down turn in the oil price has affected the industry which was what necessitated Siemens developing into oil and gas portfolio.

Tifase at a recent event in Lagos said Siemens decision to introduce new mechanical solutions into the Nigeria market is from the stand point of efficiency.

She said aside from ensuring the solutions last, are environmentally friendly; guarantee the return from that investment made, it must also be sustainable.

According to her, “Our solutions are built to stand the test of time. Our mechanical solutions are also intelligent and improve its performance”.

She further said that the aim of the stakeholders’ engagement in the oil and gas industry is to see how ICT and digitalisation can add value to our clients and help get deeper insight disclosing that it represents the next phase of development for Siemens.

The white paper report further advocated that OGC leaders need to make the right investments today to set them up for long-term success that can weather the industry’s cyclical ups and downs.

They need to take a hard look at how they will deploy technology to transform the rulebook by which they, and their customers, manage their operations to reduce costs and drive sustained profitability.

KELECHI EWUZIE