A new industry report launched by Lloyd’s Register, reveals the pace, development and adoption of predictive analytics in oil and gas. Namely, 57 of the world’s 100 largest oil and gas firms are using, or have plans to use, predictive analytics. The report also analyzes to what extent companies are transforming their own technology and data capabilities to predict a better performing and sustainable future.
Newcastle College’s Energy Academy in Wallsend installed an Immersive Hybrid Reality offshore wind training facility. This is a virtual reality system to help train future engineers, as it replicates working conditions experienced by wind turbine engineers operating on offshore wind farms.
Despite the increasing speed of technology and innovation that is pressuring the industry, oil and gas CEOs consider technological disruption as more of an opportunity, 2018 KPMG CEO Outlook: Oil & Gas, reported. Namely, AI and robotic solutions can create models to predict behavior or results more accurately.
ExxonMobil signed an agreement with IBM to promote the potential use of quantum computing in developing next-generation energy and manufacturing technologies. The partnership was announced during the 2019 Consumer Electronics Show in Las Vegas.
Canada-based PermianChain Technologies launches the blockchain technology ‘Permian Token’ aiming to oil and gas investments. Permian Token is a crypto-asset that supports holding rights to the value of proven reserve that is to be produced. The system enables the digital transfer of underlying assets value in the form of digitized value of oil.
In an earlier insight, marine energy consultancy Wood Mackenzie identified up to US$150bn in annual operating cost savings that could be achieved in the energy and natural resources sectors through digitalisation. In its latest research, Woodmac takes a closer look at the likely digitalization impact on the upstream sector, noting that the oil and gas industry has always been at the cutting edge of technological innovation.
Engineers at MIT have created an algorithm that presents the types of extreme events that are likely to take place in a complex system, such as an ocean environment, where waves of various magnitudes, lengths, and heights can create pressure on a ship or offshore platform. The researchers can simulate the forces that extreme events can generate on a structure.
Norway-based oil exploration company Aker BP has announced collaboration with technology provider Cognite and manufacturer Framo, aiming to intensify digitalisation in offshore operations by changing the traditional approach to maintenance.
Aberdeen’s Oil & Gas Innovation Centre has invested £300,000 in three new projects, which aim to improve efficiency and reduce costs in the oil and gas industry. The projects include an Intelligent Hydrate Tool, a new remote monitoring and analytics system and a flow control device to identify changes in fluids.
A new custom-built multi-purpose dynamic simulator will be created, to serve the Mad Dog Phase 2 project in the Gulf of Mexico. The new system wants to provide a realistic simulation environment. The simulator is expected to be delivered at least one year before first oil, in order to give time to train the operators.
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