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Customer Briefing: Digital Transformations in the Oil and Gas Industry—OFSE and Contractor Perspective

  • September 2014
  • 19 pages
  • Frost & Sullivan
Report ID: 2370840

Summary

Table of Contents

In-depth interviews and future perspectives of the oil and gas industry

The oil and gas industry is undergoing a transitional shift to a more digitized operating sphere. The second part of the oil and gas perspective briefings focuses on OFSEs and EPC contractors as they discuss industry critical issues in conjunction with the components of the ‘Resource, Recovery and Reliability’ (3R) framework and the TIDO—Totally Integrated Digital Oilfields. This briefing will provide an outlook on the various convergence themes, such as predictive analytics, rig efficiency and business model innovation that will drive change and define the future vision of the oil and gas industry.

Introduction
The oil and gas industry is on the cusp of transformation and nowhere more prominently than in the upstream and midstream sectors. The 3R framework sets the context that introspects the oil and gas value chain; that is, you have a hydrocarbon resource, you need to recover it and you need to do so reliably. The 3R framework is good way to analyse critical issues in the industry that impact digital transformations. If you look at the resources, there is a significant change to discovery volumes, moving towards deep sea and offshore resources is a fact, and the other is that different resources are being discovered, and these are subject to the 4D’s as we like to call it—Dull, Distant, Dirty, and Dangerous. Very specific to recovery, production declines are mandating innovation that includes 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 you can produce from some of these wells to enable sustainable production to meet future energy requirements of about 80 BBOE a day. The 3Rs call out some very key issues the industry must grapple with, in order to create the future of the industry.

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