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How The Internet Of Things Is Changing Oil & Gas Right Now

In some asset-intensive industries, a quiet revolution is currently being conducted,

mainly due to the advent of the Internet of Things (IoT). The modern oil and gas

industry is one of the largest beneficiaries of all the asset-intensive sectors in the

economy.


The Internet of Things has become an essential tool for innovative businesses and

critical sectors, such as power, oil, and gas production, in recent years. This allows

companies to develop innovative solutions while enhancing the experiences of

end-users.


By adopting IoT applications, the upstream oil and gas could benefit significantly

from IoT. Such activities were responsible for the discovery of deposits, the

drilling of wells, and the recovery of geological raw materials. However, this

essential sector also involves related services such as feasibility studies, rig

operations, chemical supply extraction, and renting of machinery.


With IoT, the upstream exploration and production companies would be able to

improve safety and amplify productivity simultaneously as well as extracting

resources from more complex and challenging environments. Deep drilling is one

of the oil and gas sectors that need improved technology for the discovery of oil

and gas. It is worth mentioning that deep rigs are used to drill hard-to-reach

resources. Hence, the deeper a rig goes, the more dangerous it can become.


This is the reason plant managers must be accurate with their measurements during

the drilling process.


Radio Frequency Identification (RFID) and IoT can help reduce both risk and non-

productive time while executing complicated operations with conventional tools.

For example, after comparing reliable real-time downhole drilling data with

information from nearby well output, companies can easily adjust their drilling and

exploration strategies.


According to Bain & Company, such high transparency and reliability will help oil

and gas companies boost production by 6% to 8%. Never the less, since gradually

moving to cloud data generation enables the number of possible transactions to be

carried out throughout the supply chain to be expanded, most companies need a

well-designed IoT platform to help them turn vast quantities of data into relevant

and useful information.


In this regard, the great benefit of the pump-off controllers of the oil and gas

companies today, which can talk out of outdated protocols to take part in IoT and

to benefit entirely from contemporary web service.


Digitalization of drilling, testing, distribution, and production systems helps IoT to

expands both the control and the remote implementation of different functions that

can reduce oil and gas operational costs.


The automation of certain high-cost features like drilling is much closer to

optimum defined conditions. Thanks to the virtually zero unforeseen downtimes

together with running oilfield equipment.


Many IoT cases that generate the most value now for many petroleum and gas

companies focus on reducing non-productive time (NPT). The NPT has a

significant impact on revenue, accounting for about 10 to 20 percent of drilling

costs.