In recent years the oil and gas industry has recovered from a downturn. Over the past few years, the oil and gas industry has been able to make a turnaround due to stability in prices as well as consistent growth. Along with more growth and more stable prices, the oil and gas industry has begun to benefit from the development of more advanced technology. With the development of this technology, oil and gas companies have been able to use sources of technology that are smarter and which are also more efficient.
When it comes to the development of new technology in the oil and gas industry, software has been at the forefront. With new oil and gas production software, many companies in the industry have been able to keep better track of their available inventories and supplies. The latest oil and gas production software has also allowed these types of companies to reduce costs and save money as well.
The latest technology for the oil and gas industry has resulted in a few major developments that have benefited the industry in recent years. These oil and gas software solutions include artificial intelligence, big data analytics, electric monitoring, and drone technology.
Artificial Intelligence
One of the most notable developments with software for the oil and gas industry is artificial intelligence. This consists of machines able to learn how to do certain tasks as well as solve problems. Some of the most recent tasks provided by artificial intelligence have included driving cars and interacting with humans. When it comes to the oil and gas industry, artificial intelligence has been able to survey facilities, monitor machines and also forecast and improve safety.
Big Data Analytics
Another major development with software in the oil and gas industry has been big data analytics. With big data, oil and gas companies are able to increase their volume and variety of certain data. They are also able to generate a huge amount of data from 3D seismic surveys and oil drilling and production data. This data is then analyzed by companies that are looking to improve their decision making. The analysis of the given data has helped companies in the industry to contribute to more innovation and make improvements with other technology, safety procedures and efficiency in completing important tasks.
Internet of Things Electronic Monitoring
Internet of things or better known as IoT has become a major trend in recent years. It is the extension of internet connectivity with several hardware devices. With the internet of things, companies in the oil and gas industry are able to use sensors which communicate and interact on the internet. The development of the internet of things allows companies to get real time data on pipes, storage, transportation, and machinery. It is also known to help contribute to monitoring employee safety as well.
Drone Technology
Another one of the most recent technological trends has been the development of drones. These are objects that fly over a surface to complete certain tasks. Drones in the oil and gas industry enable companies to monitor facilities, carry small objects and also take photographs of facilities.
Safety and Cost Factors
Safety and costs have always been important factors in making business decisions in the oil and gas industry. As one of the most sensitive industries in terms of price and among the most dangerous, the oil and gas industry has looked to find ways to better manage these factors in their favor. In this industry, regular monitoring and maintenance have been essential in minimizing the effects of the dangers and price fluctuations of the industry. The development of new technology and software has allowed these types of companies to more easily monitor and maintain all of their facilities and supplies.
5 Emerging Technologies That Will Make Natural Gas Safer in 2020
There are a few new technologies that will make conditions safer in the oil and gas industry beginning in 2020. These technologies include drones, the internet of things, artificial intelligence, big data analytics, and electronic monitoring. These oil and gas software solutions and technologies will contribute to the improvement of companies in this vital industry.
- Artificial Intelligence:
Oil and gas companies are going to rely more on technology to complete important tasks. With artificial intelligence, companies in this industry will use technology to communicate and order tasks to be completed. The artificial intelligence will also be used to operate machinery and devices. As a result, companies will be increasingly more reliant on more responsive technology.
- Internet of Things:
Since oil and gas companies will rely on more technology to operate, they are going to use the internet of things to their advantage. With the internet of things, companies will now use certain devices and hardware that is run through the internet. As a result, they can rely on internet connections and networks to more conveniently operate the latest technological devices.
- Electronic Monitoring:
In the oil and gas industry, there needs to be constant monitoring in order to ensure that conditions are safe and that facilities are managed properly. With electronic monitoring, companies will no longer have to be reliant on people to oversee the facilities and evaluate its current conditions. Instead, electronic monitoring can provide updates on scheduled maintenance, inventory stock and the working condition of certain devices.
- Drones:
Since oil and gas companies look to complete evaluations and inspections as quickly as possible, drones will become more commonly used. With drones, companies are able to get more comprehensive scans of facilities in a shorter period of time. As a result, oil and gas companies can get quicker evaluations daily.
- Big Data Analytics:
Today, most businesses are relying on data analytics to make more informed decisions. In the oil and gas industry, data analytics will be important for all companies that are looking to succeed and stay in business. Data analytics will help companies in this industry get detailed information about industry trends, revenues, costs, profits and inventory supplies. As a result, oil and gas companies now have the data it needs to improve its products and provide better service to customers.
Conclusion
The oil and gas industry is one of the most important industries in the economy. It is responsible for providing vital energy sources for many things such as vehicles, homes, buildings, and machines. With a high demand for safety and maintenance, oil and gas companies are getting increasingly more reliant on technology. The latest technology and software will help these companies improve their operations as well as remain competitive.
Take a look at the infographic below that goes over the 5 Emerging Technologies That Will Make Natural Gas Exploration & Production Safer in 2020
Infographic Source: Chetu – Upstream Oil and Gas Software
John Bailey is an industry expert within the energy technology landscape. He has worked at Chetu since 2012 and has since built a reputation as a thought-leader within the IT community. As the Global Director of Energy at Chetu, John plays a critical role in assisting companies with their Upstream, Midstream, and Downstream Oil and Gas Software related projects. He offers commentary on changing tides within Oil extraction and production and how inventory and warehouse management systems can propel all facets of the Oil and Gas Industry.
Oil and gas operations are commonly found in remote locations far from company headquarters. Now, it's possible to monitor pump operations, collate and analyze seismic data, and track employees around the world from almost anywhere. Whether employees are in the office or in the field, the internet and related applications enable a greater multidirectional flow of information – and control – than ever before.
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