How Internet of Things (IoT) can revolutionize the oil & gas industry?

internet of things in o&G

In the last few years, Internet of Things (IoT) has emerged as a leading technology, offering solution to a wide range of industries. The Oil & Gas industry, too, has leveraged Internet of Things to its advantage.

The IoT is a digital ecosystem created by the combination of ever-increasing amounts of machinery packed with sensors; the spread of internet capacity that means these machines are now visible online; and the advent of sufficient computing power to enable the analysis of billions of pieces of information in a way that allows companies or consumers to change their behaviour to ensure they act more efficiently.

In the oil and gas industry, the promise of IoT applications lies not with managing existing assets, supply chains, or customer relationships but, rather, in creating new value in information about these. It has the potential to significantly improve efficiencies, cut costs and boost profits for energy groups.

IoT can revolutionize the oil & gas in many ways such as:

  • Improved operational efficiency
  • Revenue
  • Real-time data
  • Less safety risks
  • Environmental footprint

Here’s a quick look at some of the ways in which the Oil & Gas industry has used sensor embedded equipment, cloud-enabled devices, apps and analytics, and related technologies to make things more efficient.

Automating Remote Operations

At a time when well drilling and completion complexities are increasing and field experts are becoming scarcer, automation offers many benefits. Delegating work to computers eases a lot of these problems and streamlines the process to make it effective and efficient.

Remote monitoring

Monitoring systems in plants used to be a difficult task for many companies in the oil and gas industry, but the IoT is working to change that. With IoT technologies, systems are connected to one network and programmed to relay information back to a device such as a smartphone or tablet that’s connected to the same network. Workers can access the information gathered to help them better understand how the system is performing, and they can monitor each system and analyze information virtually from any location

Enabling Massive Data Collection

Industrial Internet Technology can tackle large-scale collections of data across an entire site. It then process this data and offers insights that can lead to better decision making related to factors like location of wells and optimal operating conditions.

 Asset Tracking

Asset tracking is one of the biggest areas that the IoT is working to change in the oil and gas industry. With the IoT, companies can use sensors to monitor everything from inventory to oil and gas shipments traveling across the world. These sensors can let you know exactly how many supplies are in your inventory and if any items are missing. They can also be used to track shipments and can relay the location of each shipment back to your office.

Integrating Analytics

IoT Analytic platforms are especially useful in providing real-time analytics that directly drive process improvements and production optimization. Every smart machine within every system gets connected, after which, data is driven up to site busses and eventually into the cloud or control centres for consolidation at the application level.

How Insight Consultants can help?

IoT is the next step in the evolution of the oil and gas industry. Data will have to flow in real time and seamlessly from fields to boardrooms. This will enable better decision making, better optimization of process, and a safer working environment. In an industry that spends trillions of dollars every year on exploration, development, and maintenance of assets, even a single-digit percentage improvement through IoT will have a huge impact.

At Insight Consultants, we have an Internet of Things mentality. We apply IoT solution to drive business value and ultimately allowing ourselves to become an ‘Enterprise of Things’. We can assist Oil & Gas companies leverage IoT capabilities to increase efficiency, innovative product development, increase asset utilization, enhance customer experience etc.

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