Technology can change everything. Advances in technology usually lead to more accurate data, better processes and better, faster results. The future of oil and gas will be determined by upcoming technology that stands to change the market. Here are the tech trends to keep an eye on.
Blockchain reduces the risk of fraud and errors in energy trading, as well as provides additional oversight and accountability in regulatory reporting. As the major benefit of this technology is its use as an unalterable ledger, it can create transparency in documentation of things like delivery, distribution and more.
2. Hybridization of fossil and renewable energy sources
The future of the energy industry may not have renewables at complete odds with oil and gas operations. With a reduction in overall supply of liquid fuels, oil and gas companies will likely turn their attention to renewables and use their energy knowledge, expertise, and market share to benefit from new renewable distribution technology.
3. ‘Smart oilfield’ technology
Better data leads to better decisions. But where does better data come from? Some industry experts believe that smart, connected technology can deliver real-time information to the right stakeholders, enabling better, faster decisions. A smart system that offers monitoring and insight into all operational movement, from exploration to digging and production, can help prevent problems and surmount potential challenges.
4. Drones for safety
Another kind of monitoring that offers advanced communication without the need for smart sensors is through drones. Some oil and gas organizations have taken to using drones to inspect remote and difficult-to-reach assets, offshore rigs or potentially damaged pipelines. Using drones in place of people increases overall safer operations.
5. Safer rig decommissioning
Technology offers increased connectivity and better analysis of data. This can provide researchers with accurate information geoscientists and engineers need to safely plan for the decommissioning of aging oil rigs. Mistakes that lead to environmental issues can create huge problems and big costs for oil and gas companies. The decommissioning process itself is also costly, and the best way the industry can proceed is by utilizing the best data to enable better planning to get it done right the first time.
6. Digital transformations
The oil and gas industry has long relied on traditional legacy systems as the foundation of their operations. An increasingly digital landscape means change for oil and gas. New technology, like software that can safeguard data, improve field safety and lead to more efficient operations, is the future of the industry and understanding how to balance this while not interrupting the functionality of legacy systems is paramount.
Technology will have an increasing impact on oil and gas organizations, and companies will need to be forward-thinking about their strategy if they want to remain competitive.
If you’re looking for leadership to help you explore and manage the technology that will impact your business, get in touch with one of Evolving Talent Group’s executive recruiters today.