ARC has been discussing how the emergence of IIoT-enabled solutions and digital technologies has fostered the need for companies to develop strong ecosystems in order to maximize the potency of a complete digital transformation. Oil & gas companies, given their disparate and distributed assets, are often the greatest potential beneficiaries of embracing a digital transformation given the large dollar amounts in cost savings and revenue increases due to production volumes and a rising price of oil. ARC recently blogged about how oilfield service providers are increasingly seeking out key technology partners to help them build out their digital capabilities to best capitalize on the growing need that this “lower for longer” new normal market has created for both operators and independents to lower costs, increase production and offset impact of both huge layoffs and the already present “great crew change” which is seeing an exodus of older and more experienced workers.
Ecosystems and Partnerships Empower Digitalization
Weatherford joined Intel at the IoT Solutions World Congress in Barcelona in early October to showcase the collaboration between the oilfield services provider and the technology giant, and to demonstrate the benefits of bringing Internet of Things (IoT) technologies to the oil field. Executives of the two firms discussed how IoT-enabled oilfield devices can improve the efficiency and profitability of production operations, from surface equipment to the back office.
Cloud Can Help Operators See the Light of Production Optimization
As a use-case example, the companies demonstrated how data collected by sensors on production equipment in the field can be transmitted to the cloud, or to a data center, by the Weatherford IoT gateway. The Intel Secure Device Onboard service is used to securely onboard sensors and the Weatherford IoT gateway to Intel Wind River Helix Device Cloud for device management. After flowing through the gateway, sensor data can be visualized and analyzed using the Weatherford ForeSite production optimization software. The ForeSite platform, released by Weatherford in May 2017, connects and analyzes data from across the production ecosystem to maximize asset performance.
ARC sees the digital wave washing over the oil & gas industry now as only increasing over time as more and more companies dip their toe in the “digital waters” and realize the tremendous benefits provided therein.