Guest Editorial: Digital Transformation of the Oil and Gas Industry in an Altered Market

2021 ◽  
Vol 73 (04) ◽  
pp. 11-12
Author(s):  
Robert Borne
Keyword(s):  
Mobile Phone ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Gas Production ◽  
Digital Transformation ◽  
Customer Relationship ◽  
Digital Tools ◽  
Gas Industry ◽  
The Past ◽  
Digital Ecosystem

The blending of digital and physical worlds has been happening all around us at a rapid pace for many years. In the early days of digital transformation efforts, it would show up incrementally and sporadically, with varying levels of success. I remember my first email address, my first mobile phone, my first iPod, and my MySpace account page. Those all seem so long ago now. As time moved on, digital and physical connections seemed more real, and progress became clearer with more tangible benefits. And it was all happening more and more quickly. Fast-forward to a current, pandemic-clouded existence. Can anyone imagine not being connected to the internet or digital ecosystem around us less than 24/7 these days? Over the past year, we could barely keep up with how important our interactions between the digital and physical landscapes had become. As we have been forced to rethink in every way how we interact with people, places, and things, our connection to digital tools in our altered physical world has become a lifeline for individuals to connect with each other. These tools have also been critical for companies to connect to their customers and the greater market. We no longer speak or think about what it will be like to go back to “normal.” Our use of different digital tools to connect with people and data is now normal and will not be going away. Historically, the oil and gas industry has been grounded in fundamentals of science, technology, and intelligent people working at the outer edge of what was thought possible to produce hydrocarbons. Even with this forward thinking and adventurous spirit permeating the entire industry, we have been very slow to pick up digitally transforming how we work. It has become apparent over the past few years the requirement to move in this direction, or risk obsolescence. Even though this digital space is not new in our personal lives, we still act as though it is new to us in our working lives. To think of that in a real-time scale, I purchased my first mobile phone 24 years ago, yet I sometimes still need to wait for a daily drilling report through email to understand what is happening on a location half a world away. It is taking our phenomenal and advanced industry way too long to catch up, but it appears that most of our membership are now on board. From this point, the digital transformation of upstream oil and gas production will fundamentally change how our business is conducted and measured with a clear and targeted focus on optimizing each part of the customer journey. We will smartly and efficiently use data and technology to help create frequent, low-friction, and positive experiences throughout the connected customer relationship. This industrywide digital transformation will be a long path that is difficult and takes time. The market may be altered, but the path to a successful digital transformation is fluid and the core principles of success have not changed. It starts with digitizing. This is the foundation the rest of the digital transformation is built upon.

ESTIMATED NET ECONOMIC BENEFITS FROM AUSTRALIA'S UPSTREAM OIL AND GAS INDUSTRY: 1980-2010

1996 ◽  
Vol 36 (2) ◽  
pp. 130
Author(s):  
L. Hogan ◽  
S. Thorpe ◽  
S. Zheng ◽  
L. Ho Trieu ◽  
G. Fok ◽  
...  
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Economic Benefits ◽  
Gas Production ◽  
Export Market ◽  
Gas Industry ◽  
Oil And Gas Production ◽  
The Past ◽  
Australian Economy ◽  
Oil And Gas Resources

Australia's oil and gas resources industry has made a significant contribution to the Australian economy and is expected to continue to do so over the next 15 years and beyond. While oil and gas production from Bass Strait has been the most important part of the industry in the past, offshore oil and gas production has increased strongly in northwest Australia over the past decade. Future growth in the industry is expected to be mainly associated with further strong growth in gas production for both domestic use and the export market. This paper contains an assessment of some major net economic benefits from the exploration, development and production of Australia's oil and gas resources during the period 1980 to 2010.

State regulation of the introduction of digital technologies in the oil and gas complex of Russia

2019 ◽  
pp. 25-33
Author(s):  
Zhanna Mingaleva ◽  
Elizaveta Sevidova
Keyword(s):  
Government Regulation ◽  
Oil And Gas ◽  
Digital Technologies ◽  
Oil And Gas Industry ◽  
Gas Production ◽  
State Regulation ◽  
Digital Transformation ◽  
Gas Industry ◽  
Oil And Gas Production ◽  
The Government

Using digital technologies for the oil and gas production requires the organization of a generalized network of wireless interaction of components, continuous data collection from various sensors and sensors, the collection and exchange of information in order to detect complex events and critical moments, their analysis and detailed description based on the situation. However, the digitization of basic technological processes and operations in the Russian oil and gas complex is proceeding more slowly than in many other areas of production. Government assistance can stimulate the process of digitization of the oil and gas industry. The government authorities form and develop a regulatory framework in the field of and digital transformation of oil and gas production. This article presents a scheme of government regulation for the digital transformation of oil and gas production.

scholarly journals Human Centric Digital Transformation and Operator 4.0 for the Oil and Gas Industry

IEEE Access ◽  
2021 ◽  
pp. 1-1
Author(s):  
Thumeera R. Wanasinghe ◽  
Trung Trinh ◽  
Trung Nguyen ◽  
Raymond G. Gosine ◽  
Lesley Anne James ◽  
...  
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Digital Transformation ◽  
Gas Industry

Technology Focus: Decarbonization (July 2021)

2021 ◽  
Vol 73 (07) ◽  
pp. 64-64
Author(s):  
Nigel Jenvey
Keyword(s):  
Business Models ◽  
Oil And Gas ◽  
Natural Capital ◽  
Ghg Emissions ◽  
Oil And Gas Industry ◽  
Policy Support ◽  
Continuous Change ◽  
Gas Industry ◽  
The Past ◽  
Technology Focus

Have you noticed the change in the oil and gas industry over the past year with its engagement in carbon management, decarbonization, and net-zero-emissions targets? Policy support and technology advances in alternative energies have delivered massive cost reduction in renewables more quickly, and to a greater degree, than expected. Over the past few years, more of the world’s capital has been spent on electricity than oil and gas sup-ply, and more than half of all new energy-generation capacity is now renewable. Some elements of society, therefore, have suggested that this is the beginning of the end for the fossil-fuel sector and call for investors to turn away from oil and gas and “leave it in the ground.” In more than a century of almost continuous change, however, the oil and gas industry has a long track record of innovative thinking, creative solutions, and different business models. SPE papers and events that covered decarbonization during the past year show that a wide variety of solutions already exist that avoid, reduce, replace, offset, or sequester greenhouse gas (GHG) emissions. It is clear, therefore, that decarbonization technologies will now be as important as 4D seismic, horizontal wells, and hydraulic fracturing. That is why we now bring you this inaugural Technology Focus feature dedicated to decarbonization. The experience and capability of the entire JPT community in decarbonization is critical. Please enjoy the following summary of three selected papers on the role of natural gas in fuel-switching; carbon capture, use, and storage (CCUS); and hydrogen technologies that deliver the dual challenge of providing more energy with less GHG emission. There are many ways to engage in the SPE decarbonization efforts in the remainder of 2021. Regional events have addressed CCUS, hydrogen, geothermal, and methane. There is also the new SPE Gaia sustainability program to enable and empower all members who wish to engage in the alignment of the future of energy with sustainable development. The Gaia program has an on-demand library of materials, including an existing series on methane, and upcoming similar events on other energy transition, natural capital and regeneration, and social responsibility priorities. Get involved through your SPE section or chapter or contact your regional Gaia liaison to find out what Gaia programming you can support or lead at www.spe.org/en/gaia.

Case Histories of the Resolution of Bolted Joint Leakage in the Oil and Gas Industry

2016 ◽  
Author(s):  
Warren Brown ◽  
Geoff Evans ◽  
Lorna Carpenter
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Lessons Learned ◽  
Bolted Joint ◽  
Case Histories ◽  
Gas Industry ◽  
Root Cause ◽  
The Past ◽  
Cause Of Failure ◽  
Assessment Techniques

Over the course of the past 20 years, methods have been developed for assessing the probability and root cause of bolted joint leakage based on sound engineering assessment techniques. Those methods were incorporated, in part, into ASME PCC-1-2010 Appendix O [7] and provide the only published standard method for establishing bolted joint assembly bolt load. As detailed in previous papers, the method can also be used for troubleshooting joint leakage. This paper addresses a series of actual joint leakage cases, outlines the analysis performed to determine root cause of failure and the actions taken to successfully eliminate future incidents of failure (lessons learned).

DECISION TYPE—A KEY TO REALISING THE POTENTIAL OF DECISION MAKING UNDER UNCERTAINTY

2007 ◽  
Vol 47 (1) ◽  
pp. 309 ◽  
Author(s):  
S.I. Mackie ◽  
S.H. Begg ◽  
C. Smith ◽  
M.B. Welsh
Keyword(s):  
Decision Making ◽  
Real World ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Decision Making Under Uncertainty ◽  
Gas Industry ◽  
The Past ◽  
Decision Outcomes ◽  
Decision Type ◽  
Definition Of

Business underperformance in the upstream oil and gas industry, and the failure of many decisions to return expected results, has led to a growing interest over the past few years in understanding the impacts of decisionmaking tools and processes and their relationship to decision outcomes. A primary observation is that different decision types require different decision-making approaches to achieve optimal outcomes.Optimal decision making relies on understanding the types of decisions being made and tailoring the type of decision with the appropriate tools and processes. Yet the industry lacks both a definition of decision types and any guidelines as to what tools and processes should be used for what decisions types. We argue that maximising the chances of a good outcome in real-world decisions requires the implementation of such tailoring.

Shaping the decommissioning landscape of tomorrow

2020 ◽  
Vol 60 (2) ◽  
pp. 537
Author(s):  
Andrew Taylor
Keyword(s):  
Service Sector ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Gas Production ◽  
Industry Growth ◽  
Gas Industry ◽  
Oil And Gas Production ◽  
Research Organisations ◽  
Growth Centres

Associated with the growth of Australia’s oil and gas industry over the past 40 years, our oceans currently host oil and gas production and transportation infrastructure that will cost ~AU$30 billion to decommission. National Energy Resources Australia (NERA) is one of six industry growth centres (IGC) funded by the Australian Government. NERA is investigating opportunities for transforming the way that Australia manages its upcoming decommissioning activities. In 2019, NERA undertook a series of stakeholder consultations to refresh our understanding of Australia’s decommissioning outlook. Feedback was received through more than 20 interviews and follow-up surveys with the service sector, operators, research organisations, regulators and consultants. This paper highlights the outcomes of this review and NERA’s view on opportunities to position Australia favourably to manage decommissioning in a way that maximises benefits.

Project overruns: why are we still getting it wrong?

2017 ◽  
Vol 57 (2) ◽  
pp. 489
Author(s):  
Gareth D. Lee ◽  
Simon P. Whitaker ◽  
Martin Wilkes
Keyword(s):  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Project Performance ◽  
Recent Experience ◽  
Considerable Effort ◽  
Gas Industry ◽  
The Past ◽  
Project Outcomes ◽  
Realistic Assessment ◽  
Common Problems

The issue of poor project performance in the oil and gas industry is not new. It has been discussed since the 1980s and, over the past 30 years, there has been considerable effort put into improving project outcomes. As an industry, we have invested heavily in project management and estimating processes to ensure that reliable data are available for investment decisions. However, recent experience in Australia and elsewhere in the world suggests that little real improvement has been made. This presentation critically examines aspects of project performance and decision making by analysing: the commercial impact that recent cost and schedule outcomes have had on Australian projects; common problems associated with setting and managing cost and schedule expectations throughout the project development process; real (anonymous) examples from projects to indicate how biases affect behaviours, decisions and outcomes; and simple ways to build a more realistic assessment of risk and uncertainty into cost and schedule estimates. We conclude by discussing why this is still important for future Australian projects given the days of complex greenfield megaprojects are likely behind us.

Financing alternatives in a changing gas landscape

2014 ◽  
Vol 54 (2) ◽  
pp. 516
Author(s):  
James MacGinley ◽  
Brad Calleja
Keyword(s):  
Oil And Gas ◽  
New Technologies ◽  
Oil And Gas Industry ◽  
Project Finance ◽  
Export Credit ◽  
Gas Industry ◽  
The Past ◽  
New Development ◽  
Credit Agency ◽  
Global Banks

In recent years, Australia has gone through an unprecedented expansion in its oil and gas industry. The demand for capital has been enormous and has resulted in some of the largest project debt financings globally. In the coming years, the funding requirement will change dramatically as projects reach completion; become cash-flow positive; and, owners changing their funding structure from project finance debt to lower cost, lower covenant corporate debt. The development of a number of Australia’s largest oil and gas projects during the past five years coincided with a tightening of capital from the traditional project finance market. This lead to the emergence of export credit agency financing as an integral component of project development. During the past year, however, re-capitalisation of global banks are now re-entering the Australian market and are driving competition and increasing liquidity. This extended abstract covers a review of the funding approaches taken on major Australian LNG projects, including lessons from the funding of CSG projects that may be relevant to other new development markets such as shale gas. It also draws on historical lessons of funding new technologies and provide insight about funding of the next wave of LNG development: floating LNG. The National Australia Bank is one of the largest resources project finance banks globally and is well positioned to provide APPEA’s delegates with relevant insight about the future of debt funding in the oil and gas industry.

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