Strategic Intelligence: The Future of Work in Oil & Gas
Description
Strategic Intelligence: The Future of Work in Oil & Gas
Summary
Future of work technologies are dramatically changing how work is performed in the oil and gas industry. As these technologies continue to develop, they will likely be used in tandem. The impact of future of work technologies in oil and gas is already significant and will only grow in the coming years.
The future of work is transforming the oil and gas industry > Future of work technologies are dramatically changing how work is performed in the oil and gas industry. As these technologies continue to develop, they will likely be used in tandem. Combinining automation with Internet of Things (IoT) or artificial intelligence (AI) technologies enables the collection and analysis of data, facilitating predictive maintenance and uninterrupted production, and can aid exploration through seismic data analysis. Consequently, the skillset required in the oil and gas sector is changing. Proficiency in digital tools will become essential for workers, while the significance of manual labor skills will diminish as automated systems take on these tasks.
Automation is key for health and safety > Integrating automation technologies can significantly improve health and safety in a notoriously hazardous industry. In remote and offshore locations, robotics and drones can mitigate risks associated with heights, accessing equipment, and exposure to toxic chemicals and gases. Fully automated systems operate continuously, leading to increased productivity and cost savings. Automation enables real-time monitoring and control from a centralized location, supporting remote asset management. This not only improves operational visibility but also facilitates prompt decision-making and intervention in case of emergencies or anomalies.
Digital twins are enhancing operational efficiency > Digital twins allow companies to monitor, analyze, and optimize their operations in real-time. By integrating data from sensors, equipment, and processes, digital twins provide a comprehensive view of assets, enabling predictive maintenance and performance optimization. This technology helps companies identify potential issues before they occur, reducing downtime and maintenance costs. BP has estimated that optimization analysis, which used to take more than a day, can now be performed in 20 minutes because of the use of digital twins.
Key Highlights
This report provides a comprehensive analysis of the future of work in the oil and gas industry including -
Summary
Future of work technologies are dramatically changing how work is performed in the oil and gas industry. As these technologies continue to develop, they will likely be used in tandem. The impact of future of work technologies in oil and gas is already significant and will only grow in the coming years.
The future of work is transforming the oil and gas industry > Future of work technologies are dramatically changing how work is performed in the oil and gas industry. As these technologies continue to develop, they will likely be used in tandem. Combinining automation with Internet of Things (IoT) or artificial intelligence (AI) technologies enables the collection and analysis of data, facilitating predictive maintenance and uninterrupted production, and can aid exploration through seismic data analysis. Consequently, the skillset required in the oil and gas sector is changing. Proficiency in digital tools will become essential for workers, while the significance of manual labor skills will diminish as automated systems take on these tasks.
Automation is key for health and safety > Integrating automation technologies can significantly improve health and safety in a notoriously hazardous industry. In remote and offshore locations, robotics and drones can mitigate risks associated with heights, accessing equipment, and exposure to toxic chemicals and gases. Fully automated systems operate continuously, leading to increased productivity and cost savings. Automation enables real-time monitoring and control from a centralized location, supporting remote asset management. This not only improves operational visibility but also facilitates prompt decision-making and intervention in case of emergencies or anomalies.
Digital twins are enhancing operational efficiency > Digital twins allow companies to monitor, analyze, and optimize their operations in real-time. By integrating data from sensors, equipment, and processes, digital twins provide a comprehensive view of assets, enabling predictive maintenance and performance optimization. This technology helps companies identify potential issues before they occur, reducing downtime and maintenance costs. BP has estimated that optimization analysis, which used to take more than a day, can now be performed in 20 minutes because of the use of digital twins.
Key Highlights
- The oil and gas industry is currently under pressure from fluctuating oil prices, increasing regulatory requirements, and the energy transition. Future of work technologies could give companies a competitive advantage and allow them to circumvent these challenges. Key technologies that should be prioritized include AI, IoT, connectivity, and robotics, which can significantly enhance operational efficiency and safety.
- Automation can help improve health and safety in the oil and gas industry by reducing the need for human intervention in high-risk tasks. Robots are increasingly used for tasks such as pipeline inspection, maintenance of equipment in confined spaces, and handling of hazardous materials.
- The oil and gas industry is facing a workforce shortage. As older workers retire, digital technologies are crucial for knowledge retention. AR headsets allow oil and gas companies to document maintenance and repair tasks, which will be vital in training the next generation of workers.
This report provides a comprehensive analysis of the future of work in the oil and gas industry including -
- How future of work technologies will solve four key oil and gas industry challenges
- Which future of work technologies companies across the oil and gas industry value chain should invest in, explore, and ignore
- Leading adopters and specialist vendors of future of work technologies in the power industry
- Case studies
- M&A, hiring, and company filing trends
- A thematic scorecard ranking major oil and gas companies in the future of work
- GlobalData's strategic intelligence ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors.
- This report is essential reading for senior executives to understand how the oil and gas industry will be transformed by future of work technologies, ensuring your company does not get left behind.
Table of Contents
42 Pages
- Executive Summary
- Players
- GlobalData’s Future of Work Framework
- The Impact of the Future of Work on Oil and Gas
- How automation helps tackle the challenge of health and safety
- How interpretation helps tackle energy transition and decarbonization
- How visualization helps tackle the challenge of maintaining high-tech equipment
- How future of work technologies help tackle the challenge of a talent shortage
- Case Studies
- Andium’s platform allows for continuous asset performance in oilfield operations
- Boston Dynamics’ Spot aids site inspections and enhances safety
- AIQ’s RoboWell optimizes well production
- Equinor’s machine learning Prevent tool helps to avoid machine breakdowns
- The Future of Work Timeline
- Signals
- Mergers and acquisitions
- Company filing trends
- Hiring trends
- Companies
- Leading future of work technology adopters in oil and gas
- Specialist future of work technology providers in oil and gas
- Sector Scorecard
- Integrated oil and gas sector scorecard
- Who’s who
- Thematic screen
- Valuation screen
- Risk screen
- Glossary
- Further Reading
- GlobalData reports
- Our Thematic Research Methodology
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Mergers and acquisitions
- Table 2: Leading future of work technology adopters in oil and gas
- Table 3: Specialist future of work technology providers in oil and gas
- Table 4: Glossary
- Table 5: GlobalData reports
- List of Figures
- Figure 1: Key players in the future of work theme
- Figure 2: GlobalData’s future of work framework
- Figure 3: Thematic investment matrix
- Figure 4: Andium’s automated tank monitoring solution
- Figure 5: Boston Dynamics’ Spot
- Figure 6: Equinor’s Njord facility
- Figure 7: The future of work story
- Figure 8: AI is consistently the most mentioned technology theme in the oil and gas industry
- Figure 9: Active future of work-related job postings peaked in September 2022
- Figure 10: Who does what in the integrated oil and gas space?
- Figure 11: Thematic screen
- Figure 12: Valuation screen
- Figure 13: Risk screen
- Figure 14: Our five-step approach for generating a sector scorecard
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