In reaction to Oil & Gas UK’s 2019 Business Outlook report – which spells positive news for UK O&G but notes that investment is needed to push the industry forward – Simon Tucker, Head of Energy and Commodities at Infosys Consulting, comments:
“Today’s report is a positive sign that the future of the UK’s oil and gas industry looks bright. Outlining a continued focus on efficiency, Oil & Gas UK is firm in the belief that investing in innovation and the latest technologies will enable the industry to succeed and maintain a world-leading position. In fact, there are already many opportunities to maximise efficiency – but companies should be careful of initiatives that save time and money unless they also sustain or improve overall safety. Attempting to cut corners will only end in disaster, so balancing safety with efficiency is absolutely crucial. There are several key innovations that will enable increased efficiency while maintaining a focus on safety.
“Advanced analytics has the advantage of providing deeper and more accurate insights into production, reliability and the integrity of infrastructure, thus bringing savings and safety improvements. By monitoring factors such as well draw and subsea pipeline flow, analytics software can highlight potential problems before they even develop. This ensures that all processes continue to run smoothly and without interruption for the benefit of the business, and industry as a whole.
“Analytics software is already being used in a number of areas to boost efficiency. These include simulating production assets to show potential operating performance, real-time monitoring of well abnormalities to optimise both performance and safety, and using data science sandboxes to trial analytical models in cloud environments. In an industry where safety is so closely linked to efficiency, it’s vital that organisations have clean, usable data on every aspect of their operations. Advanced analytics can be a vital part of this solution, but most important is that organisations follow a data-led approach to their operations by investing in the technology to make this happen.
“When it comes to managing data, blockchain has the potential to completely transform the oil and gas industry. From managing the complex documentation of inefficient transactions across global markets, to ever-growing regulation and wide-scale adoption of the IoT across infrastructure and supply chains, companies urgently need a way to control and authenticate information. Creating and implementing a distributed ledger platform digitises transactions using blockchain, which ensures enhanced security, improved transparency and significantly better efficiency. With blockchain, everyone has full, real-time visibility of transaction data in a transparent process that eliminates the opportunity for fraud and reduces the threat of tampering and cybercrime.”
Read the article online at: https://www.oilfieldtechnology.com/special-reports/22032019/og-uk-report-reaction-infosys-consulting-head-of-energy-and-commodities/