0000101068 00000 n 0000001076 00000 n In comparison, only 42% of respondents from other industries indicated that cutting costs was the driving factor behind their digital investments. Technological advances such as hydraulic fracturing and horizontal drilling are able to reach previously inaccessible shale resources, keeping the price of crude oil low. The analysis shows benefits in the following areas: Barriers to Successful Digital Initiatives, While the benefits of digitization are clear, many oil & gas firms have yet to adopt fully digital processes. We’ve continued this trend... How to Create Superior As-Builts and Wow Clients Most of us can barely remember what we had for breakfast on Tuesday, let alone what we did on a work project back in 2014. Launched in 2015, the initiative offers unique insights into the impact of digital technologies on business and wider society over the next decade. The benefits of digitization to the oil & gas industry is only reinforced with an analysis published by the Boston Consulting Group in 2019. A lack of support was a challenge for 25% of oil & gas execs. and social media still have the potential to bring about great changes in oil & gas. Executives need to set clear goals for transforming their organizations if these investments are to pay for themselves. 0000016893 00000 n 0000101764 00000 n The elimination of paper would also save about 800 million gallons of water for a benefit of $30 billion. Only 19% of the respondents in oil & gas cited this factor as compared to 31% in other sectors. Oil & gas firms will receive about $1 trillion in value, with wider society receiving benefits worth another $640 billion. Outdated technology was a barrier for 24% of oil & gas executives, with 29% citing this factor in other sectors. Many oil & gas companies still rely heavily on paper, making it difficult to adopt emerging technologies like the Industrial Internet of Things (IIOT) and, To help oil & gas companies in their journey towards digital transformation, a new downloadable guide is here to help: “, discusses the growing role of digitization in the, . 0000014724 00000 n Technological advances such as hydraulic fracturing and horizontal drilling are able to reach previously inaccessible shale resources, keeping the price of crude oil low. top application investment initiative for exploration; 40% of oil and gas companies stated they invested in analytics for 2018 as a core part of digital transformation. Since this level of change must come from the top, leaders must establish their budget, set a clear vision and create the goals needed for individual departments to adopt digitization. 2020 Digital Operations study for oil and gas. The World Economic Forum assessed the oil & gas sector’s potential benefits from digital transformation in a 2017 white paper that covers the decade from 2016 to 2025. The advent of the industrial internet, smart machines and big data are also helping transform once separate entities IT (Information Technology) and OT (Operational Technology). Download our ebook today to learn more about how digitization can help your oil & gas business. The oil & gas industry has historically lagged behind other sectors when it comes to digital technology. Furthermore, digital transformation will improve well delivery times and productivity by 20-30%. Field development will see savings in engineering of up to 70%, with the addition of field concepts with a higher value. Increasing profits was the second most important reason for digitization for oil & gas executives at 44%, as compared to 41% for executives in other sectors. This process should begin with the processes with the greatest impact on the organization, although it will eventually need to become a key part of all processes. Digital Transformation Initiative Oil and Gas Industry @inproceedings{2017DigitalTI, title={Digital Transformation Initiative Oil and Gas Industry… While using digital tools to operate, say, an oil well or a natural gas pipeline more efficiently is straightforward, it can be challenging to anticipate the long term benefits of a digital transformation initiative. This process should begin with the processes with the greatest impact on the organization, although it will eventually need to become a key part of all processes. 0000018417 00000 n 0000020248 00000 n 0000069419 00000 n 0000063536 00000 n Finally, leaders also need to track each department’s progress in their digital transformation and regularly evaluate the need for new implementation strategies. Technological advances such as hydraulic fracturing and horizontal drilling are able to reach previously inaccessible shale resources, keeping the price of crude oil low. Here are four indicators that suggest the digital transformation of oil & gas is picking up momentum: Digital holds tremendous potential for oil and gas operators. Social media is becoming an indispensable tool for enhancing relationships with customers. 0000096948 00000 n DTI research supports collaboration between the public and private sectors focused on ensuring that digitalization unlocks new levels of prosperity for both industry and society. Tying Digitization to Direct Business Needs, survey clearly shows that oil & gas executives are primarily investing in digitization to cut costs, with 54% of respondents reporting this benefit as the most important to them. In comparison, only 42% of respondents from other industries indicated that cutting costs was the driving factor behind their digital investments. You can also read more about how digital transformation can help this industry excel below our infographic. The elimination of paper would also save about 800 million gallons of water for a benefit of $30 billion. 0000010853 00000 n Oil & gas firms will receive about $1 trillion in value, with wider society receiving benefits worth another $640 billion. The benefits of digitization to the oil & gas industry is only reinforced with an analysis published by the. The majority of the societal benefits come from the reduction of paper used by the oil & gas industry. The Digital Transformation Market in the Oil and Gas Industry will grow by $ 33.89 bn during 2019-2023 But according to Geoffrey Cann, author and adviser on digital strategy and innovation in oil and gas, digital technologies are actually well-positioned to impact oil and gas operations in profound ways. Successful digitization requires innovation to be a key feature of the corporate culture. Over the past two years, spurred by resurgent oil prices, digital pilots have flourished across the value chain, promising an exciting future. The Oil & Gas industry is going digital! While the benefits of digitization are clear, many oil & gas firms have yet to adopt fully digital processes. To help oil & gas companies in their journey towards digital transformation, a new downloadable guide is here to help: “Plans, Papers and Pipelines.”. It also aims to understand the impact that the digital transformation of adjacent industries, such as automotive and electricity, will have on the Oil and Gas sector. Oil & gas businesses face additional challenges in adopting digital technologies, which is slowing their adoption rate compared to other sectors. Other developments such as the proliferation of electric vehicles are also affecting the balance of supply and demand. Corpus ID: 31430919. Digital Transformation in oil and gas. For the most part, the industry has completed its proof-of-concept phase. “Industry analysts, such as The International Energy Agency, predict that digital tools will expand reserves in the upstream by 5% worldwide. The truth is, most oil & gas businesses haven’t realized the full value of their investments in digitization. Oil & gas companies work with extremely thin margins. Oil and gas companies that respond to the ongoing industry volatility by investing in sustainable digital capabilities will be tomorrow’s winner. in 2019. Digital transformation can allow a business to combine these technologies in ways that provide much greater benefits than using them separately. 0000015615 00000 n 0000059268 00000 n 0000069340 00000 n 0000101147 00000 n today to learn more about how digitization can help your oil & gas business. American Express. Per the DTI for Oil & Gas white paper, there are four digital themes central to the digital transformation of the Oil & Gas industry. We also have created a new infographic to highlight the potential benefits for oil & gas companies that go fully digital. Beyond that, customers would save about $170 billion and achieve productivity improvements worth another $10 billion. However, there are some further signs of change. The 2018 Global Digital IQ is a survey by PricewaterhouseCoopers (PWC) that describes the challenges of digital transformation in the oil & gas industry. Download our. However, there needs to be a focus on standardization and integration of all relevant data to provide the right framework to nurture the success of digital initiatives. They also need to focus on developing the talent and leadership needed to make this happen. Digital transformation was an effective strategy for staying ahead of the competition just a few years ago, but it’s rapidly becoming necessary just to stay even. Furthermore, digitization improves the accountability and transparency of that data. The analysis shows benefits in the following areas: Digitization can benefit exploration by using machine learning to reduce the time and cost of data interpretation by 50-60%. Increasing profits was the second most important reason for digitization for oil & gas executives at 44%, as compared to 41% for executives in other sectors. The key findings include a total value of about $1.6 trillion in value, which increases to $2.5 trillion when considering future technologies like cognitive computing. 0000101027 00000 n DIGITAL TRANSFORMATION IN THE OIL AND GAS INDUSTRY: A$1.5 TRILLION OPPORTUNITY Digitalization could unlock up to $2.5 trillion of industry and societal value. The key findings include a total value of about $1.6 trillion in value, which increases to $2.5 trillion when considering future technologies like cognitive computing. Analysts expect this industry to approach digital transformation more cautiously than other sectors, but technological developments such as the cloud, big data and social media still have the potential to bring about great changes in oil & gas. As for operations, the study reports, “connected workers in upstream operations, who benefit from improved safety in the field and have access to information on demand, could be up to 15% more productive than their non-connected counterparts.”. The oil and gas industry has historically been slow to optimize working capital and adopt best practices, but this trend has changed … 0000004019 00000 n Since this level of change must come from the top, leaders must establish their budget, set a clear vision and create the goals needed for individual departments to adopt digitization. Business leaders everywhere are becoming digital converts, inspired by the transformations that big data, advanced analytics, and machine learning can bring. 0000012397 00000 n Overcoming these obstacles generally requires executives to increase investments in digital processes, training and technologies. 0000016989 00000 n Digital transformation was an effective strategy for staying ahead of the competition just a few years ago, but it’s rapidly becoming necessary just to stay even. Businesses across all sectors are looking to review their processes and launch digital transformation projects. 0000009234 00000 n Predictive analytics is seen as the priority capability for digital solutions in this sector 61% of oil and gas professionals consider the cloud to be ‘important’ to their transformation plans 50% of these professionals see analytical capability, combining both content and structured data, as business critical It is almost impossible not to notice the ways in which digital transformation is overhauling today’s … Many oil & gas companies still rely heavily on paper, making it difficult to adopt emerging technologies like the Industrial Internet of Things (IIOT) and virtual reality (VR). Outdated technology was a barrier for 24% of oil & gas executives, with 29% citing this factor in other sectors. Digital trends in the oil and gas industry Digital technology can help oil and gas companies reduce costs and improve efficiencies by making faster decisions and increasing workforce productivity. The oil and gas sector is no exception. Only 41% of the oil & gas executives in this survey indicated that their transformation initiatives even have a digital component. The oil and gas industry is not a stranger to this and is progressing towards digital maturity. How the Oil & Gas Industry Benefits from Digital Transformation. Construction RFI: Here’s Everything You Need to Know, 10 No-Brainer Ways to Fast-Track and Improve RFIs, 10 Must-Read Building and Design Articles from January 2020, 6 Next Level Strategies to Improve As-Builts, How Machine Learning Is Making Construction More Human, 5 New PlanGrid Product Enhancements for RFIs, Submittals, and More, 3 PlanGrid Product Updates to Kick Off 2020. These factors are combining with the increasing need for digitization … 0000069460 00000 n Improving customer experiences is also a significant reason to adopt digital technologies, although the figure of 41% was the same whether or not the respondents were from the oil & gas industry. This white paper examines the value that Industry 4.0 brings to the oil and gas upstream industry. For example, cloud computing can break down the silos that are restricting businesses agility. Big data analytics are also needed to analyze large amounts of data from different sources, which is a routine requirement in the oil & gas sector. With a fresh year ahead, diving into new ideas and concepts is a great way to begin 2020. trailer <<2125DBE46E4E4E8F81F18846B8E566EF>]/Prev 1140738/XRefStm 3047>> startxref 0 %%EOF 1920 0 obj <>stream 0000015502 00000 n Additional benefits of oil & gas companies going digital include reducing the risk of price cuts due to regulatory challenges. Overcoming these obstacles generally requires executives to increase investments in digital processes, training and technologies. Only 19% of the respondents in oil & gas cited this factor as compared to 31% in other sectors. Technological advances such as hydraulic fracturing and horizontal drilling are able to reach previously inaccessible shale resources, keeping the price of crude oil low. Big data analytics are also needed to analyze large amounts of data from different sources, which is a routine requirement in the oil & gas sector. Welcome to the Digital Transformation Initiative (DTI). 0000005640 00000 n %PDF-1.4 %���� Other developments such as the proliferation of electric vehicles are also affecting the balance of supply and demand. . For example, cloud computing can break down the silos that are restricting businesses agility. Signs of digital change for oil and gas According to Deloitte, the oil and gas industry has a digital maturity rating of just under five out of ten. 0000007449 00000 n Using this technology minimizes the environmental impact of our industry. Insight Into the Future of Machine Learning in Construction When most people hear the term “machine learning” the last thing they think of is a technology with a human touch. . The challenges of implementing a digital strategy in a hardware-oriented industry like oil & gas have slowed progress in this area, but digital transformation is rapidly becoming a strategic requirement rather than an option. The World Economic Forum’s Digital Transformation Initiative discusses the growing role of digitization in the oil & gas industry. requires a commitment from an organization’s leadership to make it an on-going priority. assessed the oil & gas sector’s potential benefits from digital transformation in a 2017 white paper that covers the decade from 2016 to 2025. The, is a survey by PricewaterhouseCoopers (PWC) that describes the challenges of digital transformation in the. The oil and gas industry is on the brink of an acceleration in its digital transformation. These factors are more important than ever given current global oil prices. A digital transformation will also allow these businesses to integrate new hardware and software solutions with their existing infrastructure, which is particularly extensive for the oil & gas sector. The threat of digital disruption was also a significant finding for the. Retention of these workers also created a challenge to digital transformation for 33% of oil & gas respondents, with only 24% of those in other sectors citing retention as a barrier to digital transformation. Summary. It also saves time by keeping data more current and up to date. 0000017713 00000 n Enhancing brand and reputation was comparatively less important to oil & gas executives at 37%, whereas 43% of executives outside this industry cited this benefit of digitization as being important to them. Not only will digitalization allow for greater efficiency, but it is spurring innovation, a digital-savvy workforce and will create new jobs. 1882 0 obj <> endobj xref 1882 39 0000000016 00000 n A lack of properly skilled teams was a barrier for 42% of oil & gas executives, whereas the average figure for other sectors was 37%. The 2018 Global digital IQ survey clearly shows that oil & gas executives are primarily investing in digitization to cut costs, with 54% of respondents reporting this benefit as the most important to them. The threat of digital disruption was also a significant finding for the oil & gas industry. hެV{TS���n�D�c@�$�Bx�[��9 �� y�. 0000015700 00000 n 0000004134 00000 n Therefore, for companies making the case to go digital, there needs to be a clear tie back to the business value. This capability provides oil & gas businesses with a new level of intelligence that goes beyond merely improving efficiency and reaching out to customers more effectively. Societal benefits include reduced emissions and $170 billion in cost savings for customers. Oil and gas: value at stake for industry and wider society (by digital theme) 0000096823 00000 n This requires an investment in the right technologies as it’s essential for unifying the new processes for managing data and documents with existing procedures. The digital transformation in upstream oil and gas Industries are embracing technology to reshape their operating landscape and reap the benefits of improved productivity, higher efficiency, and increased cost savings. 0000003258 00000 n 0000101415 00000 n Social media is becoming an indispensable tool for enhancing relationships with customers. The World Economic Forum’s Digital Transformation Initiative discusses the growing role of digitization in the oil & gas industry. Technology has rapidly shifted from being the legacy enabler to being a game changer. Two years ago, we started to recap our favorite building and design articles for each month. 0000016267 00000 n The Digital Transformation of the Oil and Gas Industry in Canada The Digital Transformation of the Oil and Gas Industry in Canada. 0000101494 00000 n . The majority of the societal benefits come from the reduction of paper used by the. Thirty-eight percent of respondents reported they had inflexible or slow processes as compared to 39% for all sectors. A lack of support was a challenge for 25% of oil & gas execs. Now, digital transformation initiatives across industrial manufacturing environments are driving the emergence of the fourth industrial revolution or Industry 4.0. Going paperless requires a commitment from an organization’s leadership to make it an on-going priority. 0000003436 00000 n 0000097073 00000 n 0000003473 00000 n . Other use cases of digital transformation specific to the oil and gas sector include: Performance forecasting; Production forecasts across thousands of wells; Enhanced oil recovery 0000014159 00000 n 0000057661 00000 n Reducing the current heavy reliance on paper is one of the most significant benefits of digitization in oil & gas, both in economic and environmental terms. CO2-equivalent (CO2e) emissions would be reduced by about 1.3 billion tons, providing an environmental benefit worth about $430 billion. Improving customer experiences is also a significant reason to adopt digital technologies, although the figure of 41% was the same whether or not the respondents were from the. Senior leaders tout it can help optimize business processes, reduce operational costs, lower risks and gain information in real time for instant decision making. To become digitally native operations, oil and gas companies must invest in other areas in parallel with analytics. Despite efforts to revolutionise, this measure is a damning indictment of a sector that is lagging behind. The World Economic Forum’s Digital Transformation Initiative discusses the growing role of digitization in the oil & gas industry. Canadian oil and gas companies are using technology to reduce costs and improve cash flow. Now it’s time to capture business value at scale by treating digital as the top-level strategic priority it is and driving the next wave of … Other developments such as the proliferation of electric vehicles are also affecting the balance of supply and demand. We are dedicated to digital technology transformation in the oil and gas industry. 0000003047 00000 n More so, apprehensions can arise because it... An Inside Look at Digitizing the Oil & Gas Industry, has historically lagged behind other sectors when it comes to digital technology. Digital transformation is beginning to sweep the oil and gas industry, with oil companies now realizing the potential for impactful and long-lasting results, such as increased revenues, reduced costs and the improved safety and reliability of operations. In summary: • Digital Transformation offers real potential for efficiency and performance improvements in Oil and Gas companies. But long-established industries like oil and gas… Enhancing brand and reputation was comparatively less important to oil & gas executives at 37%, whereas 43% of executives outside this industry cited this benefit of digitization as being important to them. These factors are combining with the increasing need for digitization to create the potential for disruption in the oil & gas industry. The two largest barriers to these efforts are inflexible processes and a lack of workers with the needed skills, just as it is in other sectors. This paper, first in the series of digital transformation in oil and gas, presents Deloitte’s Digital Operations Transformation (DOT) model—a framework that explains the digital journey through 10 stages of evolution, with cybersecurity and digital culture at the core—and uses it to ascertain the prospective value for seismic exploration, development drilling, and production segments. • The Oil and Gas industry must look outward and learn from others – continued low commodity prices demand greater efficiencies, as do investors, well aware of the benefits gained in other sectors. Beyond that, customers would save about $170 billion and achieve productivity improvements worth another $10 billion. Less than one fourth of the survey respondents indicated that they have realized more value than expected from their digital investments. These factors are combining with the increasing need for digitization to create the potential for disruption in the, Analysts expect this industry to approach digital transformation more cautiously than other sectors, but technological developments such as the. Digital Transformation Initiative: Oil and Gas Industry 7 This White Paper focuses on how digitalization will enable the Oil and Gas industry's current and future transformation. CO2-equivalent (CO2e) emissions would be reduced by about 1.3 billion tons, providing an environmental benefit worth about $430 billion. Wider society over the next decade to set clear goals for transforming their organizations if these investments to! Innovation to be a key feature of the oil & gas execs to the business.! To become digitally native operations, oil and gas industry with 29 citing... Was also a significant finding for the signs of change World Economic Forum s. 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