New trends in the oil and gas sector are improving the sector’s effectiveness, safety, and intelligence. To achieve this, businesses look into effective and competitive ways to digitize, automate, and address challenging sub-surface engineering issues. For instance, artificial intelligence (AI) algorithms give oil and gas firms a competitive edge and make it possible to boost the productivity of oilfields or wells.
Additionally, the gradual implementation of sophisticated robotics and data management techniques accelerates processing times and reduces the need for human labor. An August 2023 revision came after the February 2021 release of this report.
Top 10 Oil and Gas Industry Trends in 2024
1. IoT (Internet of Things)
The oil and gas industry uses the IoT to boost productivity, optimize equipment, ensure worker safety, and monitor remote locations. Sensors installed inside blowout preventers (BOP), choke valves, and wells enable real-time data collection. O&G startups use this data to swiftly identify defective equipment, assisting field engineers in foreseeing and responding. Oil & gas facilities can reduce maintenance costs and obtain thorough visibility into their machinery or processes by using IoT technologies.
Sensital offers a Platform for Real-Time Monitoring.
Sensitive is an Australian firm that offers ways for various industries to get the most out of IoT networks. The firm provides its Internet of Things platform, iBOTics, which automates control, remotely monitors, and starts maintenance requests. Additionally, this enhances the wells, pipelines, and industrial equipment’s safety, dependability, and efficiency. Oil and gas operators can reduce overall operating costs (OPEX) and increase return on investment (ROI) with the aid of iBOTics.
An Industrial IoT Platform was created by Zyfra.
Zyfra is a Finnish firm that uses its cloud-based IoT platform to develop industrial digital solutions for the Oil And Gas Software Development sector. One of the startup’s field development platform IIoT products for upstream oil and gas is Geonaft. The platform, among other things, supports predictive maintenance, artificial lift, and precision drilling. The IIoT solutions from Zyfra also give O&G entrepreneurs real-time insights, enhancing productivity and worker safety.
2. Artificial intelligence
The oil and gas sector increasingly uses AI and data science to tackle complicated problems regarding upstream, middle, and downstream operations. Platforms with AI help decision-making by providing information from predictive, prescriptive, and cognitive analytics. To boost ROI, AI assists petroleum engineers and managers in the oil and gas sector in finding and putting fresh concepts for exploration and production into practice.
DeepsinAI provides digital oilfield services based on AI.
The Serbian company DeepsinAI uses machine learning to streamline oil and gas industry personnel management. With the help of its platform, businesses can easily incorporate AI into their current systems to streamline workflows and gain insightful data. The startup’s extensive services and cutting-edge digital oilfield solutions aim to introduce AI to underrepresented sectors and geographic areas.
Rovula offers AI robotics for Subsea Inspection, Repair, and Maintenance.
Thailand-based startup Rovula offers an end-to-end platform for subsea inspection, repair, and maintenance (IRM). It provides three major services and products: Xplorer, an AI-enabled autonomous underwater vehicle for pipeline inspections; Nautilus, a robotic technology for repairing damaged underwater pipelines; and Xspector, a configurable cloud-based data management platform.
3. Analytics and Big Data
In the oil and gas sector, routine operations produce significant amounts of unstructured data. Data analysts in the sector can gain insights from production and performance data with the aid of big data platforms. Engineers trying to maximize production and guarantee the security of reservoirs can also benefit from this. Historical information on earlier operations also helps develop and validate AI-driven algorithms and models. By utilizing big data analytics, the oil and gas sector gains more value from routine decisions to lower operating costs and carbon emissions.
Welligence offers Data-as-a-Service (DaaS).
A US-based business called Welligence provides big data and AI solutions for the oil and gas sector. The startup’s AI platform allows engineers to access data analytics dashboards, visualization tools, production projections, and valuation models. The platform of Welligence includes a Data-as-a-Service (DaaS) that interacts with data from any source and is subscription-based. The platform generally equips engineers and energy managers to develop more effective business or asset plans.
Phoenix RDS provides drilling optimization.
Phoenix RDS, a British firm, uses big data and analytics for drilling, production, and flood mitigation. Phoenix RDS provides enhanced oil recovery (EOR) optimization methods and reservoir modeling methodologies. These enable operators of oil and gas assets to lower injection volume needs and improve reservoir sweep efficiency. As a result, oil companies can save on expenses and raise asset values.
4. Automation and Robotics
The safety of people is frequently at stake because oil and gas operators frequently operate in difficult and complicated conditions. The oil sector is implementing robots and automation solutions to reduce this risk and speed up operations while increasing workplace safety. In oil rigs and refineries, robots are helpful for industrial automation, surveying, and inspection. Robotics and automation speed up processes and require less labor, which boosts productivity and lowers errors brought on by humans.
Sensia provides automated processes.
Sensia, a US-based firm, provides intelligent automation solutions to reduce the time it takes for oil and gas companies to engage during detection, diagnosis, and resolution. The startup’s platform for connected technology facilitates automation and digitization in the oil and gas industry. Sensia’s oil and gas production, transportation, storage, and processing solutions also provide greater operational effectiveness, safety, and asset productivity. Petrotechnical specialists and process engineers build the best production plans and minimize equipment downtime using these solutions.
EXRobotics is a company that develops robot-as-a-service (RaaS) solutions.
EXRobotics, a Dutch startup, creates a variety of robots that can operate in hostile environments and challenging industrial settings. Robots from the startup include the First Responder for explosive gas accidents, the Emissions Detector to combat fugitive emissions, the Co-Operator for remote plants, and the Investigator to gather data. EXRobotics offers a cloud-based SaaS platform for the oil and gas sector. The platform allows industrial operators to lower expenses, improve operational safety, and increase efficiency.
5. Visualization and 3D modeling
Excellent visualizations and 3D modeling enable the creation of realistic representations of underground reservoirs and other O&G equipment. 3D modeling mimics the production and injection phases throughout the reservoir’s lifecycle in conjunction with historical production data. This makes it easier to foresee risks that affect the reservoir’s safety. Oil and gas engineers optimize production and operations planning based on the data. Additionally, 3D modeling and visualization improve performance for oil and gas assets while lowering costs and reducing risks.
Reservoir Simulation is made possible by O&G Cloud.
Upstream oil and gas industries can use the cloud-based platform called XXSim, thanks to O&G Cloud, a Singapore-based startup. The platform includes thermal, black oil, and compositional reservoir simulation modules. XXSim provides tools that convert simulation files from outside simulators in addition to the platform. Reservoir engineers forecast reservoir performance and provide essential inputs to enhance production from a reservoir using the XXSim cloud computing platform.
Maillance offers Production Optimization.
Oilfield.ai, a cloud-native solution from French firm Maillance, allows users to automate reservoir modeling and visualization while making real-time decisions. The startup’s offering integrates AI, physics, and geoscience analytics. Applications for oilfield.ai can be found in reservoir management, field development, and production optimization. Engineers in the petroleum and reservoir industries use the platform to train replicable models that forecast reserve estimates and maximize output.
6. Cloud Computing
Cloud computing can free up expensive local memory and processing power by storing and processing data on distant computers. The regular operations of the oil and gas industry produce tremendous volumes of data. Cloud computing and software applications facilitate digital transformation, enhancing oil and gas efficiency, security, and scalability. Advanced analytics, illuminating visual dashboards, and remote access to real-time insights are all made possible by cloud-native solutions like “as-a-service” platforms, which include platform, storage, infrastructure, data, and more.
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Petroleum Asset Management is provided by InerG.
Tools for complete petroleum asset management and well data analytics are available from US-based firm inerG. The startup’s tools integrate operational, industrial, and economic data into a single platform. It identifies operational adjustments that raise productivity and lower overall costs for O&G businesses. The firm also provides inergDiligence, cloud-based software for the economic assessment of oil and gas reserves. The accuracy of acquisition and divestiture (A&D) evaluation, integration, and oil & gas asset management is improved by diligence software.
Engage allows In-Field Digital Management
The US-based company Engage is creating ENGAGE, a cloud-native digital field management tool. The software offers data analytics-based reporting, predictive scheduling, and real-time tracking. The ENGAGE platform integrates production data, IoT devices, and accounting software to bring transparency to oilfield operations. Predictive algorithms are also used in the solution to automate tasks based on specified standards. Additionally, it enables suppliers and oil and gas operators to save time, boost production, and cut expenses.
7. Mixed and virtual realities
Extended reality (XR), mixed reality (MR), and augmented and virtual reality (AR/VR) are all examples of immersive technologies. Reality technology-based solutions for the oil and gas sector increase productivity and decrease errors by displaying real-time information on tools, equipment, and parts. For instance, exploration and production (E&P) companies use augmented reality (AR) technologies for virtual training, downhole imaging, and remote monitoring. Additionally, O&G startups integrate physical and digital worlds to enable human-machine interactions with the aid of wearables and smartphone alerts.
VR communication is available from Previse Studio.
For manufacturing and original equipment manufacturers (OEMs) in the process sectors, Indian company Previse Studio provides VR solutions. The firm offers VR and AR for visual communication to simulate a real environment for users throughout greenfield, brownfield, and renovation projects.
The solution supports the development and upkeep of the facility, as well as employee training and safety enhancements. Operations and maintenance staff use the startup’s VR studio to conduct plant walkthroughs, monitor plant operations or construction, and enable predictive maintenance.
RealWear provides Industrial Wearables.
A start-up in the US named RealWear sells hands-free wearable headsets for industrial use. The startup’s headsets offer remote mentoring, document navigation, IIoT visualization, and digital workflow solutions. For the oil and gas sector, drilling and completion engineers can see and work together during well-testing operations using Realwear’s unique HMT.
While scanning different pump types, HMT also discovers tools for process engineers to communicate with one another. The business also sells hard helmet clips, bump caps, and earphones that provide AR and VR power in addition to headsets.
8. Systems for Manufacturing Execution (MES)
MES incorporates manufacturing facilities, operational technologies, supervisory control and data acquisition (SCADA), and computing systems to regulate production. Engineers look for ways to monitor and manage the ongoing operating operations since the methods used to manufacture oil and gas equipment are complicated. MES provides intelligent industrial architecture with integrated control for the oil and gas sector. Doing this makes oilfield technologies possible and guarantees quicker, safer, and more dependable production.
Cognate-Gnosis provides Operations Optimization.
Any industrial operations company, including oil & gas, mining, and utilities, can benefit from the MES solutions provided by Australian startup Cognate-Gnosis. Oil and gas equipment manufacturers may use real-time production data with the startup’s aid to optimize operations, boost efficiencies, cut waste, and improve overall equipment effectiveness (OEE). Additionally, the firm provides IIoT solutions for network security, employee training, and predictive analytics.
WellSentinel provides a passive well integrity monitoring solution.
Using no active power or communication, the UK-based startup WellSentinel is creating a passive solution for remote subsea well integrity monitoring. It employs a specific collection system and exclusive triggers to find leaking gas or liquids. An individually coded alarm beacon is deployed to the surface to send a signal via satellite once a trigger is degraded. This offers continuous monitoring to lower the risks and expenses of vessel-based inspection.
9. Predictive Maintenance
Data collection from sensors installed in the field is a component of predictive maintenance and operations, and it is combined with machine learning algorithms. As a result, engineers can rapidly evaluate equipment problems and take prompt maintenance action.
Operators in the oil and gas industry can anticipate future breakdowns thanks to predictive operations and custom software development systems. Moreover, predictive maintenance can benefit all upstream, middle, and downstream sectors. These solutions increase safety, increase the lifespan of systems, and lower operational and maintenance expenses.
Novity provides a Predictive Maintenance Asset Health Check Solution.
The US-based firm Novity provides prescriptive insights about the health of oil and gas assets. It has experience with many different types of machinery, such as compressors, pumps, and motors. Operators may guarantee the best performance and longevity of assets by utilizing Novity’s sophisticated prognostics. Additionally, Novity assists business owners in trying to balance operational effectiveness with environmentally friendly methods. Novity’s solution covers predictive maintenance and downtime elimination for midstream and downstream oil and gas.
Datall makes possible Condition monitoring solutions for the entire plant
The Iranian company Datall has developed predictive maintenance and condition monitoring solutions to aid businesses in minimizing unscheduled downtime and maximizing machine uptime. Gubras, the company’s flagship product, analyzes rotating machinery holistically, boosting output, effectiveness, and dependability. The startup allows plant managers to establish extremely effective maintenance schedules by enabling plant-wide status monitoring. Gubras also connects with systems from outside sources to support plants of all ages and sizes.
Various industrial oil and gas businesses are starting to use blockchain more and more. Smart contracts offer the security and transparency that are sorely lacking in oil and gas transactions and operations. Distributed ledgers support smart contracts and verify contractors and employees. Additionally, Blockchain enables oil and gas companies to automate accounting for joint ventures, post-trade settlements, and invoices. Blockchain is also helpful for intragroup billing, retail B2C, and the trading of hydrocarbon fleets.
Old Oil Wells are Resurrected by the Solar Oil Project Using Solar Pumps and Tokenization
A US-based firm called Solar Oil Project is working to solve the issue of abandoned oil wells by installing solar-powered pumps to resurrect aging wells effectively. Using smart contracts, the process is transparently carried out on the blockchain. Holders of SOPX tokens, which stand in for barrels of oil, can stake their tokens to fund particular rejuvenation projects and receive benefits as a result.
If the idea is effective on a large scale, it may help clean up hundreds of thousands of abandoned wells while offering token holders a cutting-edge investment opportunity over decades.
Blockgemini provides forecasting for oil demand.
A US-based startup, Blockgemini, provides transparent and secure business solutions for difficult oil and gas procedures. The business uses IoT, AI, and blockchain to enable the complete digital transformation of the oil and gas sector. This covers predicting and demand pricing, as well as planning, warehousing, and transportation.
Oil and gas firms can now digitally exchange and coordinate plans based on projections and make business-improving decisions thanks to the cloud-based platform. The solution also improves overall operational efficiency by transparentizing numerous oil and gas processes.