What is a digital oilfield?
The digital oilfield represents the next wave of digital transformation for the oil and gas industry. Using a combination of emerging technologies such as artificial intelligence (AI), the Internet of Things (IoT), augmented reality, mobile connectivity and the cloud, the digital oilfield promises to help operators gather, analyze and react in real-time to production-related information in the field.
What are the business benefits of the digital oilfield?
Facing intense global competition, companies are investing heavily in the digital oilfield. Combining the latest in digital technology with new processes to streamline operations, the digital oilfield has the potential to increase output, reduce operating costs and minimize unscheduled shutdowns of wells and equipment. As providers learn to leverage more data from all parts of their value chains captured by the Internet of Things (IoT), operators and engineers can utilize the digital oilfield to analyze in real-time their facilities and to make better decisions for optimal performance.
Automation plays a key role. By taking the human out of routine tasks like equipment monitoring, the digital oilfield empowers skilled workers to utilize their knowledge more effectively and to solve more difficult problems.