It has been established that new technologies have the ability to benefit oil and gas companies who are looking to boost productivity, cut costs and help minimize their environmental impact by going green. Implementing new technologies can be seen as a risk until a proven benefit of the technology is verified; thus, many companies tend to hesitate before employing new technology that would be of use to reach their goals.
However, according to a recent McKinsey report, “Modern advanced-analytics programs are able to diagnose, sort, compare, and identify cost savings, or opportunities for increased production, in a manner beyond the capabilities of the average employee.” What does this mean for the oil and gas industry and how does it demonstrate that new technologies should be adopted?
Cutting Engineering Costs
Oil and gas companies tend to employ an army of engineers and technicians responsible for monitoring, maintaining and improving the performance of sites scattered over various geographical areas. Operations and efficiency vary between projects, teams and locations which leads to unforeseen complications that are detrimental to the effective running of the business. It is crucial for oil and gas companies to be able to identify and manage under-performing sites and projects in order to remain competitive.
Recent market research projects that the global oil and gas sensors market will “reach a size of USD 9.4 Billion by 2023 from an estimated USD 7.4 billion in 2018 at a CAGR of 4.81%. This growth can be attributed to the increasing demand for sensors due to capacity addition in the refinery sector and the growth in the Internet of Things (IoT) sector”. Following this growth, the oil and gas industry has started to implement digital tools that integrate on-site sensors and cameras with web-based interfaces to collect real-time data, optimize performance, and cut maintenance costs. These web-based interfaces provide project managers and technicians with dashboards that deliver real-time metrics and indicators in addition to camera analytics.
Technologies Generating the Power to Go Green
New technologies and monitoring tools can increase the sustainability and production of the oil and gas industry by helping to implement cost-efficient processes, limiting high emission activities in operations, reducing the risk of spills, and modernizing how well sites are monitored and maintained. The main benefits include:
- Increasing productivity by cutting management and maintenance costs
- Increasing performance by preventing unforeseen problems
- Going green by reducing wasted resources and high emission activities
littleEYE, Synergi-FX’s latest product, combines the power of data, camera analytics and SCADA systems to provide oil and gas companies with a holistic view of their well sites. With littleEYE, engineers are able to monitor different locations from one dashboard, predict issues and schedule pre-emptive maintenance before issues arise. Additionally, littleEYE will send instant alerts to engineers to help them in their decision-making process.
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