This article discusses the meaning of information technology and how to render the services of IT in the oil and gas sector.
What is information technology services?
Information Technology Services (ITS) refers to the application of business and technical expertise to enable organizations in the creation, management, and optimization of or access to information and business processes. ITS encompasses a multitude of services, from IT consultancy to hardware and SaaS management.
Oil And Gas Sector
The petroleum industry, also known as the oil industry or the oil patch, includes the global processes of exploration, extraction, refining, transportation (often by oil tankers and pipelines), and marketing of petroleum products. The largest volume products of the industry are fuel oil and gasoline (petrol).
Information technology services in the oil and gas sector
Information and technology services (ICTs) help to optimize oil and gas processes and thus improves the efficiency and viability of oil and gas operations.
ICTs provide a means to improve both upstream operations (crude oil production and exploration) and downstream operations (transportation, refining of crude-oil and distribution of oil products). ICT has taken the center stage in almost every aspect of human endeavor.
Oil and gas companies can use seismic data to improve drilling operations by identifying the best times to drill, the most efficient drilling methods, and the areas with the most resources. AI-based software is being used to create 3D models of underground reservoirs.
The oil and gas companies are mostly using IT inside their organizations, but they really haven’t come to the idea of using IT to transform their business. They are using IT to make their organizations work, they are using IT to make their organization efficient but they have not been able to use IT to make their organization efficient and cause a new business model.,
Making the most of technology in the oil and gas industry is not as simple as it sounds and it is a highly competitive market. With plenty of different tools and technologies available, it is important to keep up to date with the latest technology.
Rendering Information Technology Services in Nigerian Oil & Gas Sector
The oil and gas industry is one that is full of technology and innovation. The process of extracting crude oil from underground sources can be a very difficult thing to do. Yet, even with the technological advances that have been made in recent years, it remains a challenging task for many companies and corporations. In fact, without all of the tools that are available to us today, most drilling operations would not be possible at all.
The explosion in technology has made it much easier to find oil and natural gas deposits deep below the surface. When you consider how much time and effort was required in the past, you will quickly see just how important technology is to this industry. With new software and hardware becoming available almost daily, there are more ways than ever to make drilling easier and more efficient.
READ: IT Services & Communication Solutions for the Offshore Industry
The oil and gas industry is one of the largest sources of greenhouse gas emissions, accounting for roughly 4 percent of global carbon dioxide emissions. That’s a figure that some companies are trying to reduce.
Tapping into new sources of energy — like solar — can diversify a company’s supply of power and reduce carbon footprints, which makes it easier to comply with increasingly strict environmental regulations.
An increase in automation technology is also opening up new ways to do business. As the industry continues to invest in automation technology, drivers will use devices instead of having to work on the ground. Eventually, that investment may lead to fewer people working on-site at all.
Other technological advances include remote monitoring systems that monitor equipment from afar, allowing for an earlier diagnosis of problems without a field visit. These systems could make it possible for individuals to oversee multiple sites from one location, improving efficiency and reducing costs for the companies employing them.
ML/AI in the oil and gas industry
The application of AI assists oil and gas companies in assessing the value of specific oil reservoirs, customizing drilling and completion plans in accordance with the geology of the area, and assessing risks associated with each well. Further, operations downstream can be optimized in order to minimize costs and maximize profits
Machine Learning and Artificial Intelligence are used in the oil & gas industry to make predictions on the following:
- Asset health
- Unused equipment
- Cluster analysis of good logs
- Recommendation systems for Oilfield services
- Recommendation systems for Oilfield products
- Predicting oil prices
- Predicting gas prices
- Predicting crude oil and condensate supply and demand balance
In their efforts to gain a competitive advantage, many oil and gas companies are using machine learning (ML) and artificial intelligence (AI) to increase efficiency, improve decision-making and reduce costs.
In the past five years, the number of energy companies using AI has skyrocketed from a small handful to more than 80 percent of the world’s largest oil and gas companies, according to a report by Accenture.
The technology is being used to extract value from existing data sets in more efficient ways, predict outcomes based on historical data, automate time-consuming processes, detect patterns in well production data to optimize production rates and identify new opportunities for revenue growth with existing assets.