While digital transformation has tremendous potential to benefit the oil & gas sector, industry leaders understand that in order unlock its full value, collaboration with digital technology providers, other stakeholders and policy makers is essential. IIoT and Digital Solutions for Oil and Gas is an international platform for dialogue between oil & gas operators and technology leaders as well as emerging start-ups. The event covers the entire oil and gas value chain, and focuses on both upstream and downstream sectors.
You will learn from use case presentations and digitalization roadmaps of major stakeholders, and will have the chance to exchange expertise and practices regarding how IIoT, AI, Big Data, Blockchain and Robotics can improve business functions and safety across the whole industry.
FACTS & FIGURES
Most of the oil & gas industry leaders agree on digitalization importance and value potential for their companies. However, the pathway to success and benefits is not clear and every company is working on individual digitalization approach, which is usually accompanied by trials and errors. In the industry where large investments are at stake, errors can be critical for the company and cause lack of confidence in leadership. For the industry as a whole, it is crucial to develop a collaborative culture to share best practices and failures along the digitalization pathway.
Largest oil & gas operators admit that new technology players are rapidly entering and reshaping the industry by disrupting value chain and offering more efficient solutions to the industry. In order to foster innovative culture, seize digitalization opportunities and keep up with industry changes oil & gas operators need to be more open to collaboration and data sharing with technology companies; in turn, technology vendors need to work on customizing their solutions to oil & gas operators needs, as well as address data safety and reliability concerns.
In addition, conference attendees highlighted that cross-industry collaboration is contingent on industry-wide data standardization. There are various digitalization solutions from vendors within a supply chain that can be utilized by operators, however, the difference in data formats of this solutions can result in underutilized potential and inefficiencies for operators. Setting the industry-wide data standardization format requires the involvement of as many industry professionals as possible.
Cyber protection of physical assets was the most recurring concern amongst conference attendees. With growing automation of industrial facilities potential damage in case of cyber threat for operators increases. Additionally to that, with the implementation of automated decision making operators start to question data reliability and work on data verification solutions. It is critical for operators to balance cybersecurity measures proportionally to digitization initiatives.
The recent collapse of oil prices gave a strong impulse to the industry to maximize operational efficiency through digitalization initiatives. Despite the fact that oil prices saw a significant increase and market conditions improved, oil and gas companies continue to foster digitalization initiatives to build up a competitive advantage and capitalize on accumulated knowledge.
Interactive voting during the conference allowed to determine which companies in oil & gas industry are perceived as digital transformation leaders. The largest support received such oil & gas operators as Equinor, Aker BP, Shell, Exxonmobil and Total.