Digital Transformation in Oil and Gas Industry

Abstract

Process Industry is facing a challenging environment due to declining oil and gas prices, regulatory requirements getting stringent, and a paradigm shift towards renewables. Another challenge to improve the efficiency of assets, reduce downtime and prevent costly spills. To overcome these challenges, the process industry is exploring digital transformation tools such as the Industrial Internet of Things (IIoT) and data analytics to optimize process operations with reduced downtime. Plant to assess the real-time conditions needs a combination of sensors, automation tools, and cloud-based technologies to identify the alarming signs of abnormal operations. Various studies on digital transformation in Oil and Gas Industry show that work is being carried out in IIoT architecture, big data analytics, wearable technologies, additive manufacturing, artificial intelligence, drones, and autonomous robotic systems that have catalyzed digital adoption across the industry. These advanced technologies have helped cyber-physical integration for valuable information that can be extracted for further optimization in operations. The process industry has started to invest in these technologies to change their operating models and be more productive, competitive, and sustainable. This paper deals with various Industry 4.0 technologies used for the optimization of process industry operations, i.e., IIoT, AR/VR, Wearable, 3D Printing, Cognitive Computing.