Four Trends Changing the Oil and Gas Industry

Evolving technology continues to impact virtually every industry out there. Today, we’re looking at some of the trends that are expected to take off even more this year in the oil and gas industry. As a business owner, it’s important to keep up with the ever-changing landscape surrounding your company so you maintain your edge over the competition. Here, four things to look out for (if you aren’t already).

Artificial intelligence will continue to improve processes.

It is becoming increasingly more important for oil and gas companies to rely on the quick-thinking benefits that come with the implementation of AI technology. It assists with on-the-spot decision-making based on actual, current data, expediting mission-critical action that can’t be put off. Plus, its predictive capabilities will help to ensure that organizations can properly plan for the future, based on data-driven projections.

Robotics and automation will shine.

Speaking of AI, be prepared for a decline in necessitating human risk for complex, dangerous operations. Instead, machines will be primed for taking on complex tasks that pose a potential threat to people. This isn’t to say that robots will replace human workers; rather, they will complement them and boost their abilities to safely do the job. Implementing automation into the survey and refinery processes will also speed up efforts and reduce the risk of error.

3D modeling will take center stage.

Another way to reduce risk and improve efficiency is through the creation of visual representations of underground reservoirs that give technicians the means to effectively plan production phases. This upgraded approach gives insight into what to expect beforehand, increasing safety, lowering costs, and speeding up the overall process.

Smart equipment will improve maintenance.

As technology advances, so do even the simplest of tools that have remained virtually unchanged for decades. Now, rather than having to rely solely on intuition and periodic checks, oil and gas equipment can self-monitor and alert technicians to critical maintenance needs. This is done through both active sensors and predictive algorithms, which can even alert you to anticipated repairs, based on use.

Growing and adapting are important parts of running a successful operation. Being prepared will help ensure you remain a leader of the pack and serve as the go-to resource for new business in your industry.

Have any questions on how Actsoft can help you?