Where would the industry be without embracing technology? I’m sure that question is often asked in the executive suite and in the oil field as hard-working individuals go about their daily work contributing to produce the energy we need to run our modern society. Emerging technology such as IoT, machine learning and data analytics, and innovative products are improving productivity in the oil and gas industry by trimming costs and waste, which in turn increases profit. It’s hard to imagine where the industry would be had the industry continued down the path of conducting the same manner of business after the 2014 downturn. During this tumultuous period, that continues to a degree today, companies have no choice but to innovate, cut costs, improve processes, or risk closing for good.
At OILMAN we’re amazed at the amount of technology development happening in the industry right now. There are numerous startups exploring all facets of the industry eager to put their mark on advancing productivity and the tools of the trade. At OTC we discovered countless tech companies pushing the boundaries of artificial intelligence, data analytics, unmanned aircraft systems, cloud computing and connected devices that were exceedingly impressive. Innovation did not stop with emerging tech startups, established oilfield service, software and product companies showcased improvements to their commercial lineup as well. Our reporter Alan Alexeyev was on the OTC floor and he interviewed several companies. You can hear interview clips in his article Reflections From OTC 2019: Interviews with Newpark Drilling Fluids, Parker Hannifin and Briannwave. He also asked each company representative their thoughts on how college graduates can enter the industry and succeed in our rapidly changing digital oilfield. An insightful set of interviews you don’t want to pass up.
Oil and gas companies are regularly faced with many industry-specific issues to overcome. Such issues, including exploration and drilling, are often complex and intricate processes with many unique challenges to overcome. Data analytics can play a massive part in streamlining some of the most fundamental operations that are involved in the oil and gas industry.