What are the New Trends in Oil and Gas Industry?

By CIOReview | Tuesday, November 24, 2020

The oil and gas industry is adopting digitalization and new technologies as it can help them to increase efficiency, security, and safety.

FREMONT, CA: The oil and gas companies have been lagging as the e-commerce, retail industries, and banking have adopted digitalization and new technologies to increase the strength of security, increase profits, boost efficiency, and enhance safety measures. But in the past few years, the oil industry has started to embrace various digital solutions so that they can cut costs with the help of new technologies.

Nowadays, the biggest oil and gas firms are utilizing robotics, machine learning, data analytics, automation, and artificial intelligence (AI). At every oil industry conference across the globe, digital disruption and transformation have become the topic of discussion. More firms are also collaborating with the oilfield services providers with the intentions of applying digitally transforming operations. A new era for the oil and gas industry has started. Here are some of the critical trends that the oil and gas companies will follow.

1. Greater use of AI and Automation

Automation and artificial intelligence (AI) can help the oil and gas organizations to enhance the decision-making procedure. The energy firms are trying to dive more in-depth so that they can look beneath the surface with accuracy, evaluate a reserve’s possibility, and decrease the expense of exploring. AI abilities are also helping to lower the downtime in the drilling projects, simplify the task of well abandonment, and generate critical data for production. The oil companies are investing in AI and automation because of its advantages like cost savings, safety, and increasing efficiency.

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2. Transformation of the workplace and workforce

As the oil and gas organizations are shifting to digitalization and automated operations, the demand for tech jobs related to skills like design, computer system architecture, coding, and data analysis have also increased. In the future, the jobs in oil and gas companies will have less routine work and more utilization of digital tools. The new technologies are complicated due to which it has created a massive shift in skill requirements. There will be reskilling and upskilling of the workforce when the industry adjusts itself with the new technologies and various ways of working.