The oil and gas industry is increasingly embracing digitalization to help manage costs and increase efficiencies in a volatile oil price environment. At the same time, oil companies sometimes struggle with rapid deployment for this and other technology-related initiatives. What technical and organizational approaches to digitalization are proving most effective? Where is value being realized today? Where do the next wave of opportunities lie?
The acceleration of technology into the energy sector coupled with its effective application is reorienting the competitive corporate landscape. How are companies prioritizing technologies to align with their broader corporate strategies? What new models of innovation are they pursuing to deliver these needed capabilities? Are new partnerships increasing with both traditional and emerging players?
“Digital Transformation” has become the latest must-have fashion accessory for oil & gas companies in recent years as they seek to assure shareholders of their ability to improve efficiency and embrace the vast set of opportunities emerging from massive (and growing) data resources, advances in computing power, sensors, advanced analytics, and AI. Some great strides have been made in reducing structural costs in both conventional upstream and unconventional projects. But in practice, what are the full range of innovations that have had impact? How much further impact can innovation have on reducing project and operating costs? What is the interplay needed between digital technologies, traditional E&P technologies, and changes in operating models and organizational models to realize these further gains?