Technological Advances in the Oil and Energy Industry
Technological progress in the oil and energy industry lower production costs.
In the 19th century, the industrial revolution discovered oil as a new source of energy. Engineers discovered how to drill and distribute oil in mass quantities without much trouble and doing so became an essential component to the American economy.
However, with technology becoming more present over the last decade, it’s no surprise petroleum companies began immersing themselves in the same technology to improve efficiency and productivity. The World Economic Forum claims a digital transformation in the industry can unlock approximately $1.6 trillion for the industry and its customers. Such applications include using lasers and data analytics before drilling to ensure a well has enough oil, as well as finding strategies to extract more crude oil from new and old wells.
Microsoft and Halliburton partnered up this month to digitally transform the oil industry.
Halliburton aims to provide cloud solutions for efficient production and exploration of gas and oil. The duo will utilize technology behind machine learning, augmented reality (AR), user interactions, and creating solutions in the energy value chain through Microsoft’s Azure program.
Microsoft’s Azure works as a cloud capability allowing companies to become more portable and flexible. It’s also trusted and reliable. The program will revolutionize companies such as Halliburton who have operations in approximately 70 different countries.
Halliburton’s program, DecisionSpace 365, is now available on Azure. The company’s program helps eliminate high costs and will optimize drilling. Placing the program on Azure will additionally help calculate predictive deep-learning algorithms and create deep-earth models with programs that fill gaps with sensor data.
Founded in 1919, Halliburton has 14 product service lines (PSLs) that operate in two divisions consisting of Drilling and Evaluation, as well as Completion and Production. The partnership will directly impact Halliburton’s PSLs by allowing the companies to access digital representations for oil wells and pumps using the Landmark Field Appliance V2 and Azure Stack.
Petroleum company CEOs around the world are preparing themselves for the digital oil age.
Aker Solutions Brazil Head of Strategy and Marketing is working with BP Brazil’s CEO to discuss the strategies regarding technology.
They delivered the world’s first subsea compression system to the Asgard Field in the Norwegian Sea, proven to extend the life of gas fields and boost recovery rates. They’ve also committed to developing smart pipes allowing output to be maximized.
Companies invested in high-performance computing (HPC) and want to bring concepts found in robotics to offshore oil rigs, claiming such investments are already changing oil demand. Such innovation allows gaps in production to be identified and handled accordingly.
Bringing an opportunity to establish an international network among oil companies indicates a path to greater production and higher profits. Long-term implications of such strategies show the technology could be installed in wells around the world and developments in previously unprofitable areas will be developed.
Petroleum Service Company already went digital–check out our website for your favorite oils and lubricants!