Much of the upstream world is under water at current prices. In the current low oil price environment many oil companies have cut CAPEX and OPEX budgets significantly. Upstream producers are very focused on lowering costs and optimizing existing assets at lower throughput/flow rates.
Given the scale of production which is uneconomic at current and forecast oil prices, all producers need to digitalize deeper and faster to boost their resilience and competitiveness. New approaches are needed to drive out costs from the drilling, completion, as well as production operations phases of assets.
This whitepaper looks at: