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Digitalization is the it Equivalent of Modernization in Oil and Gas Industry

Adam Spence

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Technological progress has long exceeded all expectations of society. The Internet of Things (IoT), the ability to track products on the network and digitize products allow you to comprehensively manage the product life cycle. Using data from Clients’ devices, enterprises receive information that allows them to create targeted and optimized products for a particular Client. Digital twins become one of the elements of this process

What is a digital twin for?

UNDERSTAND

Digital twin can be used for different purposes. First of all, it allows you to better understand some processes without interfering with the product itself. Imagine that your task is to repair a broken car engine, but you do not know the cause of the accident. A detailed analysis of the digital engine on a computer monitor will allow you to “look inside” the car and see the source of the defect.

Anticipate

How to check if the machine you are about to buy really fits your factory? To buy or not to buy? To get an answer, just manipulate the virtual copy. 3D displays of the factory and the new machine will allow you to foresee its work and dispel all doubts associated with the purchase.

OPTIMIZE

Digital twins help you quickly and clearly identify business problems. Thanks to this, companies can speed up production; reduce their costs on the entire production chain, thereby optimizing the business. All changes that occur in a real device, machine or system will be reflected in its digital model. This will provide effective remote control of the facility and will allow you to pre-detect equipment malfunctions or fix the start of its wear-in time.

Automation and intelligence bring significant efficiency gains as well as greater safety and sustainability

Digital technologies are redirecting the business model of almost all industries. The digital twin technology in oil and gas is now also in the middle of this change. Technological advances, the declining costs of digitization and the connectivity of smart devices offer real competitive opportunities for oil and gas companies that are implementing the digital revolution accordingly. Potential benefits of digitization include increased productivity, shorter reaction and intervention times, cost savings, safer operations, increased equipment availability, and sustainable use of limited resources.

Artificial lift systems improve the production capacity of mature oil fields

Approximately 40 percent of the world’s oil and gas production comes from mature fields that have been in operation for more than 25 years. There are around 175 oil fields worldwide that have been in operation for over 100 years. Therefore, petroleum companies are increasingly investing in so-called artificial lift systems. These are pumping methods using different types of pumps to extract the oil from the wells. A high degree of automation and optimization of these systems is essential for cost-effective and sustainable oil production, as they help reduce the natural decline in production output.

Leading the way for digital adoption

In addition to the ever-expanding reach of technology to address business issues, the decreasing cost of implementing digital technologies means that even small to mid-sized businesses can access them competitively. However, vast bases of physical assets and mechanical operating culture have restricted companies from implementing cutting-edge technologies on a large scale.

Adam studied computer science at Fordham University before finding his groove in tech journalism. After a successful pitch got him published on CNN.com, Adam traveled the world covering tech developments in Japan and elsewhere. He’s now a full-time journalist for The Fledged.

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