With supplies of easy oil running low, oil and gas companies are increasingly turning to technology to help them get the most out of the extraction process. Around the world, energy companies are advancing the limits of digital oil field technology, a recently coined term to describe this emerging segment of the industry.
The “digital oil field” describes computer technology deployed to automate oil and gas extraction, and it’s given a lot of attention for good reason. The digital oil field is worth a lot of money. According to Booz & Company, a leading global management consulting firm, “digital oil field technologies could increase the net present value of oil and gas assets by 25%”. The global digital oil field market is estimated to be worth $18.7 billion and is forecast to reach $33.3 billion by 2022.
Digital oil field technology aids a wide array of Oil and Gas activities from exploration, surveying, development, and well completion to data integration of seismic imaging, drilling, process completion, reservoir modeling, and production optimization. This information is then fed to data centers in real-time, allowing experts in the industry to optimize production and minimize downtime.
While not generally included within the description of digital oil field technologies, telematics operates on the same principle—making better business decisions because you have the data to show where your vehicles are and what your drivers are doing in real-time. For example, with an automated tool for tracking vehicle whereabouts, IFTA fuel-tax information is gathered automatically and therefore accurately and these accuracies save you substantial revenue from higher taxes. Also, you don’t miss out on additional savings if you operate in jurisdictions in which offer off-road usage earns fuel-tax credits.
Operationally, you can maximize your resources as we have proven by doubling efficiency at
Troyer Ventures. And as data accumulates over time, your ability to budget and forecast improves exponentially because you have accurate and historical data at your fingertips.