The use of digital technology, including real-time data analytics and the industrial internet of things, can help oil and gas operators achieve top-quartile performance resulting in profits of $7bn, according to a report by Emerson. “Oil companies are using these technologies as part of their business model for managing costs and improving efficiency,” said John Kilduff, president of Emerson Electric Company.
The use of digital technology, including real-time data analytics and the industrial internet of things, can help oil and gas operators achieve top-quartile performance resulting in profits of $7bn, according to a report by Emerson. Automated production surveillance, modelling and analytics helped improve production, while analytics and automation diagnostics boosted equipment reliability, and prescriptive maintenance reduced safety risks.