How big brands search for the oil pools and subsequently drill for them?
Most of you only know their conventional tactics of drilling the surface with high oil probability. However, this isn’t a sure-shot process as it is not always successful.
Still, it requires significant investment. Getting digital is a new idea that has revolutionized the entire oil and petroleum industry. With the introduction of Digital Oilfields, it has become highly convenient to evaluate the best-suited place for drilling and extracting the oil, converting minimal investment in high profits.
Yet, many of you don’t have enough knowledge about Digital Oilfield. So, without any delay, let’s dive into this mysterious term and fetch maximum possible understanding.
What is the Digital Oilfield?
The term Digital Oilfield commonly resembles with the integration of oilfields with technology. That’s the reason people consider it a fancy terminology that is new in the oil and petroleum field only because of the digital era.
Coming to reality, Digital Oilfield is more about automation that has omitted human tasks, increasing profit as well as productivity. It is more of a concept that is primarily made to minimize human errors and overall productivity.
In terms of upgradation, the oil industry has a slow pace for adopting new technologies and migrating their existing system to 21st century systems. This has limited the opportunities for oilfields, which is yet to become digital in the coming years.
How Does it Work?
The Digital Oilfield technology transforms your entire oilfield into 3D models with deep integration of technology, operations, and behavior that works for your organization and delivers the precise results through deep-data analytics.
A complete graphically built entire industry is done in a sustained manner. This ensures that your company remains relevant to the future workforce and customer base.
Also, with the amalgamation of technology, operations, and behavior, your workplace becomes more secure, resilient, and safer.
The digital technology through 3D modeling lets you improve your productivity and potential to enhance your fields without high investment and time consumption. Moreover, it also gives you future predictions for any risks that may substantially harm your oil and gas business.
What are the Benefits of Digital Oilfield Software?
Now coming to the prominent factor of digital oilfield, what advantages it has offered over traditional tactics of extracting the oil. Below are the incomparable benefits of going digital in the oil industry.
Reduced Drilling Operations: Earlier, oil extraction requires regular drilling on the hotspots, where the probability of oil is high. However, with the use of digital oilfield software, like futureon.com, it has become highly convenient to sketch the 3D model of the area and analyze it without drilling. This reduces the drilling cost to a greater extent.
FACT: With the incorporation of Digital Oilfields, the companies could realize up to 25% savings in operating costs, up to 8% higher production rates, 2–4% lower project costs, and as much as 6% improved resource recovery, all within the first full year of deployment. (Source: IHS Cera Company)
Improved Compliance: The digital era has made it possible to execute the entire oil/gas extraction process in compliance with 100% safety standards. This has also blessed the convenience required to safeguard your production assets and manpower from any malfunction or disaster.
High Environment & Safety Regulations: Energy conservation is as important as protecting the environment. On the same note, digital technology helps the oil and gas industries to maintain a complete environment and as well as safety regulations. This way, nature, as well as human life, is protected from unexpected disasters like oil spills.
On-Time Maintenance: Instead of physical inspection of the entire machinery line, it’s now convenient to diagnose everything digitally, which offers two major benefits i.e., real-time performance tracking and on-time maintenance. Governing the whole oilfield digitally enables easy to access oilfield through 3D models, determining the loopholes to attend to avoid unexpected machinery malfunction.
Increased Efficiency: The use of digital technology has undoubtedly omitted the time-gap that simultaneously improves the efficiency of workflow and overall efforts. With the digital transformation of the oilfields, it’s easy to cover a large area (compared to physical inspection), alongside easy to find new oil/gas opportunities.
Finding New Oil Fields: Digital technology is highly beneficial to explore new fields that can replace the existing fields and are rich in oil production. With the use of Seismic technology in the oilfield, it’s easy to find profitable fields without much time consumption and manpower requirement.
You won’t believe, but three trends are looking forward to bring a significant change in the way energy industries do their business. Here digital oilfield software brings a revolution incorporating low-manpower and high profits.
Do let us know what more about Digital Oilfield you want to know? Share your views in the comment section below.