Oil majors to mitigate demand fluctuation with digital twins

Oil&Gas Materials 6 December 2021 16:04 (UTC +04:00)
Oil majors to mitigate demand fluctuation with digital twins

BAKU, Azerbaijan, Dec.6

By Leman Zeynalova – Trend:

Oil majors are set to mitigate demand fluctuation with digital twins, Trend reports with reference to GlobalData.

“Oil majors are looking to automate their assets to reduce the impact of demand fluctuation on revenues. COVID-19 has been a wake-up call to the upheaval that a sudden drop in energy demand and/or labour availability can cause, and digital oilfield technologies such as digital twins and other remote monitoring solutions will be gamechangers in upstream oil and gas operations,” the company says.

Charlotte Newton, Analyst on the Thematic Research team at GlobalData, notes that technologies such as digital twins have the potential to be the backbone of digitalisation in the sector.

“By creating 3D images and simulations of assets, systems, and processes, oil companies can imagine more sophisticated, and more reliable, machinery in oilfields both now and in the near future,” added Newton.

Ravindra Puranik, Oil & Gas Analyst at GlobalData, adds that the oil and gas industry saw major disruption during the first waves of the COVID-19 pandemic, and companies are now looking to automate as many processes as possible to mitigate future operational risks.

“Digital oilfield technology is rapidly becoming an integral part of the O&G industry, bringing in game-changing disruptions in upstream oil and gas operations. Oil majors such as BP, Shell, and Equinor have garnered considerable experience in developing technologies to make digital oilfields a reality and are the leaders in this theme. The major focus is on asset management to maximize investment returns. Companies are likely to use digital twins and other technologies to oversee every aspect of the asset lifecycle to ensure long-term sustainability,” said Puranik.


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