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The time is now: How to successfully harness new digital technologies in the oil and gas industry

November 13, 2017 Tim Shire

Cloud technologies offer the promise of assured sustained high performance for a range of different industries, and none more so than oil and gas. By sharing data in the cloud, OEMs (Original Equipment Manufacturers) have access to machine data from their customer’s plant in real-time which they can analyze and act upon. This supports the growing trend of the industry moving away from purchasing equipment, but instead, purchasing the outcome the equipment is supposed to provide, a model known as Outcome-as-a-Service.

Through in-depth data analysis, any issues with your plant performance can be detected and acted upon. With everything being hosted in the cloud, any issue you encounter can be remedied immediately. In addition, you can be confident that the tools and models are always calibrated and accurate, and with this, the results are always trustworthy and worth implementing. Your digital adoption should no longer be constrained by limited in-house skills, and decision makers can simply focus on the delivery of results and insights.

By adopting simulation models, such as our very own Petro-SIM, you’ll be able to upgrade data. Due to the fact that simulators obey fundamental physical laws (such as heat and material balance, thermodynamic equilibriums and so on) they can be used to validate inbound data – they will reject bad data, reconcile inconsistent data and fill in the gaps between missing data. This provides you with a trusted data stream for consumption by digital tools and users. Furthermore, simulation models calculate variables that are not directly measurable, such as fouling factors, distillation tray flooding, equipment efficiencies to name just a few. These so-called “virtual meters” have proven to be a richer source of data for analytics and data mining than the low level or raw measured data alone.

The cloud is primarily about collaboration and is the enabler for the next generation of digital tools. It’s time for the oil and gas industry to capitalize on the benefits the cloud has to offer, and start turning data into dollars.

Read the full version of Tim's digital technologies article featured in Hydrocarbon Engineering magazine

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