Accelerating Digital Transformation in E&P Business

2021 ◽  
Author(s):  
Anak Karim
Keyword(s):  
Industrial Revolution ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Digital Transformation ◽  
Gas Industry ◽  
New Normal ◽  
Strategic Objectives ◽  
The Future ◽  
Energy Companies

Abstract As a resourced based economy, Malaysia relies heavily on the energy oil, and gas industry - a critical sector contributing to the economic growth of the Malaysian economy; which makes up in the range of 20% - 25% of the total gross domestic product (GDP) of Malaysia as of 2017. No analysts can properly predict prices of the future, with the highs and lows of crude and natural gas and renewables as the fuel of the future and are perhaps new way of things. This "new normal" in which countries, including Malaysia, must learn to adapt in a more agile manner to the "new way of work" of increased productivity and efficiency (de Graauw, McCreery, & Murphy, 2015). In adapting to the new normal, measures of increased productivity must continue to be pushed forward and implemented. Energy companies and services provider still need to continue with exploration and development (E&P) operations and activities to meet long term strategic objectives and demands of the nation, in line with the aspirations of the national oil company, however, it needs to add more value to every dollar spent as margins have continued to shrink and reduce profit margins of energy producers. This is where Digital Transformation comes into play and the urgency for implementation has gone from novelty solutions to critical business survival. Changing industry trends such as Industrial Revolution 4.0 have made it more prevalent than ever to make better use of capital at a time when productivity is essential. At the same time, the industry needs to continue to explore and develop to meet long-term demands, which continues to grow albeit slower than before.

Aboriginal employment—Chevron's journey

2015 ◽  
Vol 55 (2) ◽  
pp. 425
Author(s):  
Camis Smith
Keyword(s):  
Natural Gas ◽  
Oil And Gas ◽  
Oil And Gas Industry ◽  
Long Term Results ◽  
Corporate Leadership ◽  
Gas Industry ◽  
Internal Support ◽  
Employer Of Choice ◽  
Energy Companies

Advancing Aboriginal participation in the workplace comes with its challenges, and those experienced in the oil and gas industry are unique. Barriers to participation need to be regularly evaluated and addressed for success. Although Chevron Australia's focus on Aboriginal employment is fairly recent, it receives strong internal support from senior and corporate leadership. It will be important in the future to further this commitment and build ownership throughout the organisation to achieve long-term results and meet business needs and skills gaps. Camis Smith, Chevron Australia's Aboriginal Employment Strategy Manager, will share Chevron's experiences, lessons and challenges in advancing Aboriginal participation in the workplace, and reinforce its reputation as an employer of choice. Chevron is one of the world's leading integrated energy companies and through its Australian subsidiaries, has been present in Australia for more than 60 years. With the ingenuity and commitment of more than 4,000 people, Chevron Australia leads the development of the Gorgon and Wheatstone natural gas projects, and has been operating Australia's largest onshore oilfield on Barrow Island for more than 45 years.

scholarly journals Significance of Technology and Digital Transformation in Shaping the Future of Oil and Gas Industry

2021 ◽  
Vol 12 (3) ◽  
pp. 3345-3352
Author(s):  
Shubham Parsoya Et.al
Keyword(s):  
Artificial Intelligence ◽  
Big Data ◽  
Internet Of Things ◽  
Data Analytics ◽  
Oil And Gas ◽  
Big Data Analytics ◽  
Oil And Gas Industry ◽  
Digital Transformation ◽  
Gas Industry ◽  
The Future

Digital transformation in the field of oil and Gas industry is already a significant impact creator. It is actually act like catalyst through which the overall functionality of the oil and gas industry get enhanced and the overall output with the help of technologically-advanced mechanism, increased up to manifold. In the present scenario, the over-all quest is not just about the volume of the oil and petroleum, but it is also regarding the overall value generated throughout the process. And such enhanced level of value generation is taking place with great pace with the help of enhanced level of implementations of different types of technologies in different type of activities related to the oil and gas industry. In the present scenario, oil and gas industry’s business model is no longer depending upon just the inflated and narrow based value-chain mechanism. It is actually depending upon the almost all modernized and futuristic technologies. The modern technologies include big data analytics, 3D printing technology, cyber security, digital marketing, Artificial Intelligence, Internet of Things, drone technologies, database management system, etc. all these technologies are not only supports in handling the overall business capability of the oil and Gas Industries, but also eliminate the overall negative impact generating elements. With the help of technologies and digital transformation, the overall profitability of the oil and gas industry enhanced. Digital transformation is a prominent and significant impact creator which is not limited to the oil and gas industry, but also reaching up to the all-global level Businesses. It is transforming the overall business operations by enhancing the speed of innovation and making the use of practical knowledge base which ultimately enhance the overall power of operations and increase efficiencies. With the emergence of digital transformation technologies especially with the emergence of big data analytics, the Internet of Things and Artificial Intelligence have supports several types of innovative and new ways of developing and transforming the overall market as well as the customer satisfaction in significant manner. All such innovative technologies and digital transformations are contributing significantly in shaping the future of oil and gas industry

Trends and Prospects of Development of the Oil and Gas Sector in the Context of Digitalization

2020 ◽  
Vol 26 (1) ◽  
pp. 35-45 ◽  
Author(s):  
A. G. Kazanin
Keyword(s):  
Oil And Gas ◽  
Digital Technologies ◽  
Oil And Gas Industry ◽  
Global Market ◽  
The Arctic ◽  
Business And Society ◽  
Gas Industry ◽  
Exploration And Production ◽  
Oil And Gas Sector

The modern oil and gas industry is heavily dependent on the processes and trends driven by the accelerating digitalization of the economy. Thus, the digitalization of the oil and gas sector has become Russia’s top priority, which involves a technological and structural transformation of all production processes and stages.Aim. The presented study aims to identify the major trends and prospects of development of the Russian oil and gas sector in the context of its digitalization and formation of the digital economy.Tasks. The authors analyze the major trends in the development of the oil and gas industry at a global scale and in Russia with allowance for the prospects of accelerated exploration of the Arctic; determine the best practices of implementation of digital technologies by oil and gas companies as well as the prospects and obstacles for the subsequent transfer of digital technologies to the Russian oil and gas industry.Methods. This study uses general scientific methods, such as analysis, synthesis, and scientific generalization.Results. Arctic hydrocarbons will become increasingly important to Russia in the long term, and their exploration and production will require the implementation of innovative technologies. Priority directions for the development of many oil and gas producers will include active application of digital technologies as a whole (different types of robots that could replace people in performing complex procedures), processing and analysis of big data using artificial intelligence to optimize processes, particularly in the field of exploration and production, processing and transportation. Digitalization of the oil and gas sector is a powerful factor in the improvement of the efficiency of the Russian economy. However, Russian companies are notably lagging behind in this field of innovative development and there are problems and high risks that need to be overcome to realize its potential for business and society.Conclusions. Given the strategic importance of the oil and gas industry for Russia, its sustainable development and national security, it is recommendable to focus on the development and implementation of digital technologies. This is crucial for the digitalization of long-term projection and strategic planning, assessment of the role and place of Russia and its largest energy companies in the global market with allowance for a maximum number of different internal and external factors.

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

Artificial Intelligence and Robotics in the Oil Industry: Will it Take My Job?

2021 ◽  
Author(s):  
Armstrong Lee Agbaji
Keyword(s):  
Artificial Intelligence ◽  
Oil And Gas ◽  
New Technologies ◽  
Oil Industry ◽  
Oil And Gas Industry ◽  
Human Robot Interaction ◽  
Gas Industry ◽  
Deep Dive ◽  
The Future ◽  
And Robotics

Abstract Historically, the oil and gas industry has been slow and extremely cautious to adopt emerging technologies. But in the Age of Artificial Intelligence (AI), the industry has broken from tradition. It has not only embraced AI; it is leading the pack. AI has not only changed what it now means to work in the oil industry, it has changed how companies create, capture, and deliver value. Thanks, or no thanks to automation, traditional oil industry skills and talents are now being threatened, and in most cases, rendered obsolete. Oil and gas industry day-to-day work is progressively gravitating towards software and algorithms, and today’s workers are resigning themselves to the fact that computers and robots will one day "take over" and do much of their work. The adoption of AI and how it might affect career prospects is currently causing a lot of anxiety among industry professionals. This paper details how artificial intelligence, automation, and robotics has redefined what it now means to work in the oil industry, as well as the new challenges and responsibilities that the AI revolution presents. It takes a deep-dive into human-robot interaction, and underscores what AI can, and cannot do. It also identifies several traditional oilfield positions that have become endangered by automation, addresses the premonitions of professionals in these endangered roles, and lays out a roadmap on how to survive and thrive in a digitally transformed world. The future of work is evolving, and new technologies are changing how talent is acquired, developed, and retained. That robots will someday "take our jobs" is not an impossible possibility. It is more of a reality than an exaggeration. Automation in the oil industry has achieved outcomes that go beyond human capabilities. In fact, the odds are overwhelming that AI that functions at a comparable level to humans will soon become ubiquitous in the industry. The big question is: How long will it take? The oil industry of the future will not need large office complexes or a large workforce. Most of the work will be automated. Drilling rigs, production platforms, refineries, and petrochemical plants will not go away, but how work is done at these locations will be totally different. While the industry will never entirely lose its human touch, AI will be the foundation of the workforce of the future. How we react to the AI revolution today will shape the industry for generations to come. What should we do when AI changes our job functions and workforce? Should we be training AI, or should we be training humans?

scholarly journals A Review of Job Role Localization in the Oil and Gas Industry

Energies ◽  
2018 ◽  
Vol 11 (10) ◽  
pp. 2779 ◽  
Author(s):  
Jack Pegram ◽  
Gioia Falcone ◽  
Athanasios Kolios
Keyword(s):  
Oil And Gas ◽  
Relevant Literature ◽  
Oil And Gas Industry ◽  
Critical Discussion ◽  
Future Application ◽  
Gas Industry ◽  
Local Content ◽  
Job Role ◽  
Key Terms

Job role localization is a strategic local content solution used by countries bearing natural resource stocks to maximize the long-term benefits of exploring and producing them. Currently, there is significant variation in how countries and organizations plan and implement local content and job role localization strategies; hence, this paper aims to gather, classify, and discuss relevant literature with a view to identify best practices for future application. After a multi-dimensional discussion of key terms relevant to the topic, the drivers and theoretical underpinnings of local content are examined, followed by an assessment of job role localization literature qualifying enablers and barriers to localization. A critical discussion on the means of evaluating local content policies summarizes the findings of this critical review.

Asset of the Future - Comprehensive Business Transformation Program

2021 ◽  
Author(s):  
Alexander Sitnikov ◽  
Sergei Doktor ◽  
Andrei Margarit
Keyword(s):  
Oil And Gas ◽  
Energy Transition ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Average Return ◽  
Debt Capital ◽  
Timely Response ◽  
The Future ◽  
Return On Capital ◽  
Traditional Approaches

Abstract In the recent years the oil and gas industry has started facing an unprecedented number of challenges. The average return on capital in the industry has deteriorated which results in investor mistrust and costs being higher than ever. Debt capital became two times costlier than for alterative types of energy. More conventional oilfields become depleted and new reserves are usually quite complex to develop. These and other challenges such as intense competition between oil and gas companies, the energy transition agenda as well as the volatility of oil prices in the aftermath of the pandemic are pushing the O&G companies to transform themselves. Gazprom Neft introduced the "Asset of the Future" program in late 2018 as a timely response which was aimed at completely transforming the Upstream business model. The main issue with the transformation was the scale of it, which included 10 subsidiaries (or subs) and more than 200 different processes. In this case traditional approaches such as improving each operation one by one would not suffice as the company sought a rapid and highly efficient implementation of changes. As such the program had to develop a new approach that focused on the integration of all business parts and continuous improvement. Integration of people, technology and processes will lead to better collaboration and as a result - to smarter decisions and better execution.

A Comprehensive Review of the Fourth Industrial Revolution IR 4.0 in Oil and Gas Industry

2021 ◽  
Author(s):  
Cenk Temizel ◽  
Celal Hakan Canbaz ◽  
Hakki Aydin ◽  
Bahar F. Hosgor ◽  
Deniz Yagmur Kayhan ◽  
...  
Keyword(s):  
Industry 4.0 ◽  
Industrial Revolution ◽  
Oil And Gas ◽  
Petroleum Industry ◽  
Oil And Gas Industry ◽  
Learning Technologies ◽  
Real Field ◽  
Gas Industry ◽  
History Of ◽  
History Of Use

Abstract Digital transformation is one of the most discussed themes across the globe. The disruptive potential arising from the joint deployment of IoT, robotics, AI and other advanced technologies is projected to be over $300 trillion over the next decade. With the advances and implementation of these technologies, they have become more widely-used in all aspects of oil and gas industry in several processes. Yet, as it is a relatively new area in petroleum industry with promising features, the industry overall is still trying to adapt to IR 4.0. This paper examines the value that Industry 4.0 brings to the oil and gas upstream industry. It delineates key Industry 4.0 solutions and analyzes their impact within this segment. A comprehensive literature review has been carried out to investigate the IR 4.0 concept's development from the beginning, the technologies it utilizes, types of technologies transferred from other industries with a longer history of use, robustness and applicability of these methods in oil and gas industry under current conditions and the incremental benefits they provide depending on the type of the field are addressed. Real field applications are illustrated with applications indifferent parts of the world with challenges, advantages and drawbacks discussed and summarized that lead to conclusions on the criteria of application of machine learning technologies.

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