Learning from previous lack of success, oil rig operators these days are embracing the great things the digital world is offering to boost production and efficiency.
Over the years, the crude oil market has experienced the worst crashes. With energy companies having tested their physical limits using only brute strength in conducting their operations, they now learned to use digital technologies to make things better.
Some oil rig operators are now using imaging software to map buried streams or DNA sequencing solutions to track crude molecules. There are also others that employ robotics to fit pipes together or consult mobile apps to obtain drilling-direction advice.
For example, the companies Statoil and Anadarko Petroleum now work with Biota Technology to help them identify the most profitable oil and gas parcels by testing microbes in rock samples. According to Biota founder Ajay Kshatriya, his company can map out draining spots and improve a well’s output. He said:
“It’s a whole new data source for an industry that’s never looked at this before. New technology innovation is now existential. It’s not a nice-to-have to create a couple more points of profit margin. If we don’t get more economic, our field is out of the money. So we need that technology to remain competitive.”
Another company that has also gone digital in its oil and gas unit is General Electric. Under the leadership of Binu Mathew, the company is going autonomous in its operations by rolling out new software that collects data from oil wells connected to the cloud.
A survey conducted by Accenture found out that a huge number of oil companies are planning to invest more in digital technologies over the next three to five years.