International
Oil industry could save up to $100 billion with technology & automation
Published on : 2019-10-26
The global oil and gas industry can save as
much as $100 billion through automation and digitalization in the 2020s, energy
research firm Rystad said.
The analysis said the efforts could help cut
about 10% of the $1 trillion spent last year on operational expenses, wells,
facilities and subsea by more than 3,000 producers.
Some efforts are already on. Oil major Chevron
Corp and top oilfield services provider Schlumberger NV have partnered with
Microsoft Corp to build software that process and analyze data from multiple
sources.
"The painful oil market downturn has
given upstream operators and service providers a strong incentive to adapt and
become more efficient or be forced to close down shop," the company said.
Technology could drive savings of 10% to 20%
in drilling costs and up to 30% in facility and subsea costs, Rystad said,
adding that the adoption will vary across the industry.
“Many key industry players are setting
optimistic goals, but the realization of these initiatives largely depends on
how freely data is shared amongst companies and how commercial strategies are
deployed to drive this development,” the firm said.