alexa Revolutionizing O&G Operations With The IOT (Internet Of Things): Current Trends And Future Directions

Journal of Petroleum & Environmental Biotechnology
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6th International Conference on Petroleum Engineering
June 29-30, 2017|Madrid, Spain

Tirth Raval and Dhruvin Kaneria
Pandit Deendayal Petroleum University, India
Posters & Accepted Abstracts: J Pet Environ Biotechnol
DOI: 10.4172/2157-7463-C1-032
Many experts believe that prices of oil will remain low for years at equilibrium of around $40-50 after the roller coaster ride from above $100 to below $30 over the past 2 years. So to make up for the lost revenue, decreasing production costs is important. Also, unconventional resources has always challenged the oil industry. Exploration and development of oil and gas reservoirs require new sensors, analytics, and processes. Systems require better connectivity, monitoring and control, and process automation. One way to solve both the problems is by investing in the “Internet of Things.” The Internet of Things (IoT), which basically integrates sensing, communications, and analytics capabilities, has been simmering for a while, but is now ready to boil and find widespread applications in O&G industry. With the production of millions of barrels per day from around the world, accumulating and organizing data has never been more paramount. By some estimates, internal data generated by large oil and gas companies exceeds 1.5 terabytes a day. IoT solutions come handy here to harness this data for efficient operations. Also, trial and error is money thrown away, so using robots and sensors to analyse surface and subterranean environments could save millions of dollars. The paper talks about applicability of IoT sensors to be deployed across the value chain – from sensors on drilling machines to exploring subsurface, equipment maintenance and remote performance monitoring. Some IoT loop connections are also suggested to mitigate various existing industry problems. Current viability and reliability of IoT solutions and future predictions regarding its domination are also made. Indeed, IoT solutions hold great potential to introduce efficiencies over the whole gamut of business of oil and gas industry with minimum human intervention.

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