Digital Transformation is Creating New Opportunities for Modernizing Oil & Gas Exploration and Production | Quantzig
Oil and gas companies are currently experiencing major disruptions induced by the COVID-19 pandemic. Amid such disruptions, it’s becoming increasingly difficult for oil and gas companies to manage oil and gas exploration and production innovation efforts. As a result, oil and gas exploration and production investments are increasingly made in isolated, ecologically complex areas, adding […]
Oil and gas companies are currently experiencing major disruptions induced by the COVID-19 pandemic. Amid such disruptions, it’s becoming increasingly difficult for oil and gas companies to manage oil and gas exploration and production innovation efforts. As a result, oil and gas exploration and production investments are increasingly made in isolated, ecologically complex areas, adding significant cost and complexity to capital projects. Besides, the economic outlook is forcing oil and gas companies to re-examine core business capabilities and find new ways to thrive in the new normal. Irrespective of the organizational structure and size, the end-to-end digital transformation of key operational workflows in oil and gas companies will be critical for success in the post-pandemic period.
Navigating a rapidly changing landscape in the oil and sector is challenging and can curtail growth. Request a FREE proposal to learn how we can help you.
How Digital Transformation Can Drive Improvements in Oil and Gas Exploration and Production
At Quantzig, we believe that the expediting shift toward an end-to-end digital transformation plays a key role in driving change at both the strategic- and operational- levels in the oil and gas industry. Streamlining maintenance schedules, improving output facilities, optimizing downstream capacity, and improving exploration efforts are a few areas where digital transformations can drive change and create new improvement opportunities for cost reduction, revenue generation, and process optimization.
Based on our interaction with clients, we expect the following key areas in oil and gas exploration and production to witness an accelerated digital transformation in the post-COVID19 era:
- Business development
- License acquisition
- Feasibility and risk assessment
- Well delivery and problem detection
- Portfolio management
Quantzig’s perspective on optimizing the efficiency of oil and gas exploration and production through end-to-end digital transformation:
- Oil and gas companies that embark on an end-to-end digital transformation journey will gain actionable insights that will help identify new improvement opportunities from existing, unstructured data sets
- The use of oil and gas analytics as a part of key digital transformation efforts will enhance advanced insight generation and improve situational awareness
- Cognitive solutions yield better and unbiased predictions, impact assessment, recommendations and suggestions
- Enhanced insights can be obtained by integrating the organization’s data sources with analytics capabilities to create a holistic view of the enterprise
- The implementation of an analytics platform can also enable businesses to predict, plan, act, learn and drive continuous improvements
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Thriving in the New Normal in Oil and Gas Industry
Applying digital technologies in oil exploration and production
Digitizing oil and exploration and production provides an abundance of real-time sensor data and key insights that can be leveraged to make immediate, single point decisions on a particular piece of equipment.
Using big data for immediate insight generation
The use of advanced technology and sensor data analytics can now deliver ‘big data’ from virtually every aspect of oil and gas production and exploration including, drilling, production, operations, and maintenance. However, the capability to gather, analyze, and extract insights from data has unfortunately not spread as quickly.
Utilizing cognitive analytics and IoT to improve process efficiency
The use of cognitive technology platforms that combine machine learning, NLP, AI, and reasoning will enable oil and gas companies to monitor processes and obtain insights in real-time.
Fortune 100 oil and gas companies choose to partner with us mainly because of our deep domain knowledge and process expertise which we combine and deliver in the form of an advanced portfolio of oil and gas analytics solutions aimed at delivering value for our clients in over 300+ countries. Quantzig is also recognized as a premier analytics solutions provider that offers solutions to support the end-to-end digital transformation initiatives of its clients.
We have a network of global oil and gas analytics experts and a proven track record of client success in oil and gas exploration and production enhancements. Visit (www.quantzig.com/get-more-info) to learn more.
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