How IoT Solutions Transform Oil and Gas Industries
The Internet of Things (IoT) is a primary driver in the transformation of exploration works, production, and drilling. Quite a bit of this activity takes place in remote locations where many assets should be tracked and optimized. IoT in oil and gas has the power to connect field workers to applications such as predictive maintenance, real-time data analytics, Digital Asset Management, environment monitoring, and health and safety - for faster decision making and a more secure work environment.
As per the market research Technavio, worldwide, IT spending in the oil and gas industry will be worth $60 billion by 2021. This rejuvenated interest in technology is mainly driven by aging infrastructure, an increase in cyber-attacks, a lack of skilled labor, the arrival of IoT, and the need to improve operational efficiency to stay competitive.
How IoT technology has distributed value for upstream, midstream, and downstream oil and gas organizations:
Upstream —Maintenance for Oil and Gas Equipment Damage
A typical large Oil and Gas Consultancy may find itself analyzing more than 50,000 wells and multiple pieces of equipment per well. A single malfunctioning machine can hinder production and result in supervisory non-compliance. By implementing oil and gas removal practices, IoT technologies stand a chance to change equipment maintenance. Extraction sites are loaded with complex and expensive equipment. Due to their scale and difficulty, even small technological malfunctions can bring about minimized efficiencies and remarkable financial losses.
Now, an inexpensive IoT device can be located to remotely analyze equipment, track maintenance schedules and forestall malfunction. If a piece of equipment starts to malfunction, the IoT device will quickly give an automated alert. Doing so will limit losses caused by inefficiency and help protect full-scale failures and equipment damage.
Midstream — Environmental Monitoring and Regulatory Compliance
IoT-powered sensors can likewise empower oil and gas operators to appropriately analyze environmental conditions and guarantee compliance with regulations on emissions and waste. Previously, an oil and gas field agent would need to physically examine an extraction or processing site to guarantee regulatory compliance. To remotely investigate significant compliance metrics, such as oil leaks and gas emissions an IoT device can be situated in the field. Not just this functionality minimizes the costs related to field monitoring, yet it is likewise more adaptable.
Downstream — Helping Distributors with Real-Time Field Data
In 2017, around 6 million Americans actually use home heating oil (HHO) in their home heating system. This oil is normally held in giant oil tanks and is consistently refilled by licensed oil distributing companies. For consumers, this process of analyzing oil levels, ordering, and refilling isn't just ineffective but additionally complex. However, IoT industries have involved a smart sensor that educates homeowners and delivery companies when fuel levels are low, which saves both parties' time and money.
With IoT device cloud and reliable Computational Fluid Dynamics consulting services, it can give this data to oil wholesalers. Distributors are likewise using this data to help gauge consumer consumption in future weeks, months, and years.
4 Ways IoT is Transforming the Oil and Gas Industry
- Better Inspections and Monitoring
IoT in the oil and gas industry assists with better inspections and monitoring of processes. With IoT mobile applications or web apps, the manager can flawlessly get all the updated and real-time data of the pipelines and equipment utilized in oil and gas production. They would then be able to take the appropriate actions with the help of technicians to resolve any mistakes before something big happens.
- Carbon Footprint Control
IoT solutions control all the activity that causes an increase in carbon levels. IoT applications send continuous updates of the machinery and pipelines to the technicians so that they can make important moves well in advance. Consequently, with that, the machines and other equipment remain productive and generate less carbon.
- Increased Revenues
IoT solutions not simply help to monitor the system in real-time, yet even optimizes the resources and keeps the machines productive. Moreover, it even streamlines the supply chain and other production tasks thereby assisting the organizations with diminishing their costly operations.
- Enhanced Resource Management
With dedicated IoT applications, you can get real-time updates about fuel utilization and asset usage. Besides, the IoT solutions can even anticipate the correct time of maintenance of your equipment. You can track the business aspects where wastages are going on additional, and can eventually control them. All that leads to cost savings and better asset management.
So, those were some of the astonishing ways in which IoT industries are proving beneficial for the oil and gas industry. To conclude, we can say that, similar to the next significant industries of the global market, the oil and gas sector also witnessed some amazing digital transformations. With smart IoT sensors, the industry gained tremendous ground and opened the doors for many new opportunities.
Although the term smart oil and gas industry is still way long to achieve, IoT solutions have made their essence from plant to boardrooms. Today, the data generated by smart IoT sensors aren't just helping the organizations to cut their operational cost however is even helping them to increase their brand visibility.
Are you planning to put resources in smart IoT solutions? Would you additionally want to flourish in your oil and gas company in the global market? Then why wait! Talk to our experts today!
Varsha Solanki is a Digital Marketing Strategist at Globalvox Inc,an Application Managed service. She has 4 years of experience in the Information Technology industry. She spends her time reading about new trends in Digital Marketing and the latest technologies.