Revolutionising Fossils: Oil & Gas in the Digital Age
- 31 August 2017
- 18.00 - 20.00
Each year, the EIYPN committee delivers three thought-provoking debates adopting the ‘Question Time’ format. This provides an excellent opportunity for the audience to raise their questions to a high calibre panel of industry experts, whilst keeping up-to-date on industry themes, engaging with senior professionals and building their business networks.
The EIYPN activities are supported by sponsorship from local and international energy companies including Principal Sponsor, Petrofac.
Event Topic: Revolutionising Fossils: Oil & Gas in the Digital Age
The oil and Gas industry in the North sea has come through a major transition in the past three years with the sharp reduction in oil price leading to a series of redundancies across a range of companies as well as a sharp reduction in investment in drilling and exploration activities. The focus has shifted across the region to maintaining safe operations while trying to produce oil and gas for the lowest possible price. Technology and Big Data are seen as the best prospect of ensuring the region has a future in the low oil price environment where competition for investment will be on a global scale.
The oil and gas industry has long been seen to lag behind in bringing in new technologies and processes when compared to other industrial sectors. This is in part a symptom of oil and gas being a highly hazardous industry which imposes a severe penalty for failure of equipment. The long life span and high capital requirement for the development of oil and gas production facilities mean that there is a lag between the development of a technology and its implementation. Nevertheless oil and gas companies have a long involvement in developing new technologies and in processing large data sets due to the huge amount of data produced from seismic imaging which is utilised in identifying potential resources. The challenge remains large in bringing the various new technologies into the oilfield and then using them to create a competitive advantage.
Several technological innovation have been identified as having the potential to create value and reduce costs across platforms in the North Sea and globally. Over 85% of oil companies/support industries believe increasing their analytical, mobile and Internet of Things capabilities would increase the value of their business. Some of the technologies which may have a role to play in this area and their suggested applications are as follows:
• Internet of things – Improve how items are tracked in the supply chain and enhance the monitoring of equipment
• Data Analytics – This can be used in many ways to drive improvements
- Predictive – can allow the identification of when equipment is due to fail
- Diagnostic – can determine what has failed in a piece of equipment
- Adaptive – Can allow the operation of equipment to be modified to improve performance
- Prescriptive – Can dictate how a piece of equipment should be operated
• Robotics, Automation and Artificial Intelligence – Advances in this area will minimise the time people need to spend in hazardous environments and will allow better decision making as learning from across a company or industry can be applied in making every decision. This will enable unmanned facilities and operations to be carried out more frequently
• Block Chain – This technology will make the transfer of goods more transparent and create an unalterable record which will boost trust and transparency
These innovations will require oil and gas companies to develop a host of new skills and knowledge to allow them to take advantage of the possibilities that are offered by these innovations. The opportunities are great for those who can successfully harness these technologies and utilise them to drive efficiency in their companies.
Event Description: Typically EIYPN events are in a ‘Question time’ style format, with four panel members holding positions of importance in the energy industry and a moderator who coordinates the discussion.
Each panel member gets one minute to introduce themselves, their career and what they feel they can bring to the discussion. Subsequently the moderator opens up for questions from the audience and starts the interactive session.
Potential discussion themes include;
• Will there be an amazon for Oil and Gas?
• What will be the impact of technology on the North Sea?
- Will it reduce the cost of decommissioning?
- Will it enable longer late life operations on mature North Sea Assets?
• What skills and roles will be central to the future of the energy industry and what skills are likely to be automated in the future?
• Has there been a broad uptake of big data and related technology in North Sea while the oil industry in Aberdeen is in long term decline?
• How fair is the statement that energy lags behind other industries in adopting advanced analytics, real time decision making, predictive modelling techniques and data mining processes?
• What changes are required to the digital infrastructure of our facilities to allow us to take advantage of the opportunities available from the increased data we can collect?
• Does the North Sea have the potential to be the Silicon Valley of Oil and Gas technologies?
• What technologies will most disrupt the energy industry and what opportunities will these present?
To book online click here.
- For more information, contact
- Michael Halton
- Email: Micheal.Halton@uk.bp.com