Abstract
Offshore oil and gas operators may have been slow to realize the potential of the Internet of Things (IoT) and digital transformation, but with the market downturn slowly fading into the rearview mirror, the industry is quickly catching up. Still, there is much that companies can learn from the "early adopters" of digitalization. This paper discusses how digital technologies are being applied in other verticals that are further along the maturity curve (i.e., automotive, manufacturing, marine, aerospace) and how they can be leveraged to optimize the lifecycle performance of offshore oil and gas facilities.
The paper details the benefits of extending digitalization across the energy enterprise to drive down costs and decouple market volatility from profitability. Case studies will be shared from the aforementioned verticals to illustrate how advanced tools, such as digital twins and enterprise product lifecycle management (PLM) solutions have been successfully applied to reduce product cycle times and improve project execution. All of these are highly applicable to upstream oil and gas, and can serve as powerful tools for shortening time to first oil. Overall, the paper aims to provide a broader context for exploration and production (E&P) companies’ digital enterprise strategies.
