Different functions within an Oil & Gas company operate independently, thus making standardization and optimization programs extremely complex to implement and run. Elimination of these silos and wasteful operational procedures by integrating systems and reducing digital debt through standardization of operations is one of the critical priorities of the O&G CIOs today.
Why Is Cloud Gaining Attention?
If there is one commonality throughout the value chain of the Oil & Gas industry – Upstream, midstream, and downstream, it is the existence of unstructured operations, disparate eco-systems, disconnected processes, and disjointed efforts, and massive wastage of resources. How does one control this chaos? Technology can play the role of the enabler in streamlining and managing this incoherence, and Cloud Computing is the first step towards that direction.
Cloud computing provides either a mitigation approach or a point solution to almost all the key pain areas of the industry, including managing the data swell, data and analytics, connected operations, focused utilization of resources, speed, agility, efficiency, departmental collaboration (Engineering, contractors, sub-contractors, vendors, suppliers, procurement, finance), remote operations, and environmental impact.
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Cloud in Oil & Gas Industry – Benefits
#2 Backbone for Digital Oilfield – IoT, AI, and Data Management
A cloud-based eco-system provides scalability and flexibility to collect data from these digital oilfields. It also helps in connecting the processes and equipment through IoT and, at the same time, provides an agile environment for data management. Cloud Computing in Oil and Gas industry facilitates the adoption of other valuable time, money, and energy-saving technologies such as artificial intelligence and machine learning.