Many oil and gas companies did not consider digitalization until recently when it became a determining factor to strengthen their competitiveness in the industry.
Pioneer companies like Equinor, Shell and Chevron have been working in this direction for many years but for others - digital transition is still a cumbersome process due to its highly complex nature and the fear of lacking rock solid procedures for the O & G industry.
Need for Digital strategy in the O&G sector
With digital transformation, organizations aim to implement modern digital solutions throughout their value chain to increase efficiency of their processes with automation and reduce cost.
Factors that contribute to reducing production costs per barrel also strengthen the ability to operate in an increasingly volatile market.
Digitization also creates opportunities for safer and more informative work processes. Streamlined flow of information makes it easier to take advantage of synergy effects, such as efficient information processing, with advanced computing power available to users.
A major advantage of digitization is the stronger control over business data that allows companies to make informed decisions to transform their business models.
Most traditional solutions that are currently supporting the O&G business operations function independently which results in various missed opportunities.
The lack of communication between these systems requires regular manual intervention while maintaining multiple databases with repeated information which offers a limited overview of critical business information.
Few high impact changes that can steer the O&G sector in the modern era are -
- Efficient Planning
- Real-time data calculation
- Streamlined operations
- Third-Party Integration
With restrained motivation towards digital transformation in the oil and gas sector, the industry is staggering behind as compared to others who have embraced digitization completely.
But there are some positive indications of change as well.
Integrated solutions enabling digital transformation
With easy access to technology developed by cutting-edge expertise that is well-proven and integration opportunities, digital solutions are becoming more appealing to oil and gas companies.
Integrated solutions offer vast opportunities for improvements and growth to companies in the O&G sector. Apart from their ease-of-use, these solutions encourage faster growth, agile processes, reduced costs and better industry insights.
APIs are making it possible for organizations to integrate different solutions to establish automated systems and boost the productivity across the value chain.
At Oliasoft WellDesign we provide functionality beyond well planning to offer three main areas of use:
- Real-time calculations and operations
- Connecting with third-party software and hardware through APIs
APIs allow transfer of data from third-party software across all devices to deliver seamlessly integrated user experience. This eliminates the need for using multiple interfaces and manual data processing.
Oliasoft’s documented API helped one of our customers, Chevron, to integrate calculations into a native application by automating well design calculations.
Chevron, wanted to:
- Reduce planning time by 90% by automating well design calculations
- Iterate through hundreds of scenarios to optimise its well construction process
With the power of cloud-based engineering, Oliasoft's calculation engines integrated with Chevron's internal application to offer instant results for evaluation. The software iterated multiple variations of casing string types to achieve quality results until satisfactory safety factors were met.
At Oliasoft, we understand the importance of integrated solutions in the digital transformational journey for oil and gas companies. Our Integrated Cloud Engineering framework allows companies to snap our modules and third party applications together like building blocks to design custom solutions for fully autonomous drilling operations.
Read the detailed use case here to know more how we are revolutionizing the digitalization movement in the oil and gas industry.