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In-depth Interviews Discussing the Critical Issues and Future Visions Facing the Oil & Gas Industry
The oil & gas industry is on the cusp of a transformation on account of the evolution of new technologies such as Big Data, mobility, and analytics. Upstream and midstream sectors are also experiencing a radical change with the adoption of these technologies. This deliverable is the first of a series of oil & gas perspective briefings; it focuses on integrated oil companies and academics as they discuss industry critical issues in conjunction with the components of the ‘Resource, Recovery and Reliability’ (3R) framework. Top industry thought-leaders discuss the evolving scenario and vision of the future in oil & gas, looking across the spectrum of digital technology and convergence themes driving change within the industry.
The oil and gas industry is on the cusp of transformation, especially in the upstream and midstream sectors. The hydrocarbon resource needs to be recovered reliably. The 3R framework introspects the oil & gas value chain. It is a good way to analyze critical issues in the industry that impact digital transformations. Looking at the resources, there is a significant change to discovery volumes that are moving towards deepsea and offshore resources. Different resources are being discovered and these are subject to the 4Ds–Dull, Distant, Dirty, and Dangerous. Very specific to recovery, production declines are mandating innovations that include optimizing well production by extracting more from various wells and reducing costs through effective well economics. Reliability is just as important in terms of how effectively one can produce from some of these wells to enable sustainable production for meeting future energy requirements of about BBOE a day. The 3Rs call out some key issues the industry must grapple with in order to create the future of the industry.
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Oil And Gas