Global Oil and Gas Industry

The core to the success of the global oil and gas industry is the operational awareness and capital discipline, especially in a market characterized by shifts due to the technological innovations. While the focus remains on the budget, and on enhancing productivity, monitoring local and remote assets dynamically plays a significant role in this sector. The ability to provide real-time data without any downtime is imperative as digital transformation grips the industry. The future of the sector will be marked by offshore open standards becoming predominant helping reap the benefits of digital innovation to ensure uptime, safety, and security.

Overview

The oil and gas industry is well-known for embracing technology and innovations. The workforce dynamics in the sector are witnessing the transition from offshore to onshore office-based roles. Opportunities for this sector include a complete suite of digital technologies that will touch all the aspects of the supply chain, with legacy systems being disrupted due to digital transformation. This process brings about improvement of the functional capabilities and operational efficiencies of the oil and gas corporations to extend the traditional legacy systems with digital and cognitive technologies.

report
According to a new market intelligence report by BIS Research, the global market for Internet of Things (IoT) in oil and gas is expected to reach US $30.57 billion by 2026, growing at a CAGR of 24.65 %.
Gas
The IEA’s annual gas market report, 2018 suggests that global gas demand will grow at an average rate of 1.6% a year, reaching just over 4,100 billion cubic meters (bcm) in 2023, up from 3,740 bcm in 2017.
oil-Machine
According to Bain & Co., IoT-enabled drilling strategies will help oil and gas companies improve production by 6% to 8%.

Opportunities

IoT
Internet of Things (IoT) solutions in the oil and gas industry are showing its positive impacts from down-hole sensors and surface control valves to the boardroom decision-making with real-time analysis. From enhancing the operations and revenue IoT promises superior pipeline surveillance, Low Power Wide Area Networks (LPWAN) in sparsely populated areas, worldwide, cost-free availability of Random Phase Multiple Access, more transparency and authenticity in the supply chain management, reduced maintenance cost by about 15-25% and so much more.
Cloud & DevOps
The proliferation of IoT, Machine Learning & AI, and other digital and cognitive technologies in the oil and gas industry will produce large amounts of data that will be difficult to store and process on the legacy systems. Cloud computing and DevOps principles will provide better storage and software analysis of the huge amounts of data, resulting in better data and insight gathering, agile and backed-up decision-making, reducing time from exploration to production. This transition to the cloud and DevOps will be a powerful enabler in the future, ensuring increased lifespan, improved uptime and higher reliability of the plant and infrastructure. In a volatile market with shrinking margins and low prices, cloud computing and DevOps will enable organizations to streamline customized IT workflows for a seamless digital transformation.
DL, ML, & Big Data
AI, machine learning, and automation are taking the oil and gas industry to a new level where efficiency and safety are two of the most critical requirements. Powered with deep learning and machine learning & AI, leak detection equipment and emergency shutdown systems are providing valuable data for predictive analysis to reduce the hazards associated with the oil and gas industry. Moreover, the insights produced from Big Data analytics help in planning critical placements, flow rates, future maintenance and breakdown. AI is also helping significantly minimize the carbon footprint.
Others (Business Courses)
From a technical perspective, the oil and gas industry, would require seamless connections across all systems and platforms. The different areas of the industry, such as, operation, integrating exploration, drilling and production facilities generate large amounts of useful data and video streams, relaying it to a central location, thus allowing the operators to make better and quick decisions. Professionals with networking expertise will consequently be in high demand in the offshore oil and gas corporations. Cisco certifications and other IT infrastructure certifications will allow professionals to contribute their share of expertise to this sector. In this era of Industry 4.0, IT services and operations have an extremely significant role to play. Certified professionals with expertise in operations and management will be a great asset to every organization.