The low price of crude oil has been the key factor in the oil and gas market since late 2014. That translates to a need for improved efficiency and innovation.
The Technology Roadmap for the Oil and Gas sector
At our SPE CIO Round Table earlier this month, we discussed the common business challenges that organizations are solving across the upstream and midstream segments of the industry.
Not surprisingly, everyone is working on improving efficiency of their IT systems and reducing costs. That is necessary and expected in any downturn.
What was both interesting and good to hear was that everyone around the table was also heavily involved in helping the operations side of the business find ways to work more efficiently and in a way that prepares their organization for the future.
Like IT organizations in any industry, cyber security was top of mind.
"Analytics and the big data systems behind them have become very important in the industry because of the need for efficiency improvements"
Consolidation in the industry, as well as the sale and exchange of assets, has many folks looking at natural language processing again to help them sift materials they get through the acquisitions and provide the information their engineers need in a relatively consistent fashion.
Analytics, big data and the Internet of Things were all hot topics. We all agreed that we are just at the start of our journey in these areas, but at least in the oil and gas sector, they are often intertwined.
Business Decisions Driven by Cloud and Big Data
Let’s start with cloud. These days the view of cloud in the industry has become very pragmatic. Everybody seems to have some things they use SaaS for and other things they run in house. The decision criteria on which way to go in a particular situation now seems based on well-understood advantages and disadvantages. “Cloud” has moved along the maturity curve quickly and has become another tool in IT’s arsenal to deliver services cost effectively and in the fashion they are needed.
Analytics and the big data systems behind them have become very important in the industry because of the need for efficiency improvements.