The oil and gas sector is facing massive disruption. It is challenged with meeting the growing energy demand from a rising population and growing living stands all the while under the specter of climate change that demands the world reduces its carbon intensity.
This energy transition is daunting enough on its own but set against the backdrop of lower for longer oil prices since the 2014 oil crash, and all the inherent price volatility has created a new paradigm for the industry. It is a model that requires that operational efficiency is maximized and that has become the prime focus of the industry over the past five years.
To achieve this the oil and gas sector is striving for a digital transition that utilizing maturing technologies such as big data, artificial intelligence, machine learning, data analytics, simulation and visualization and well as enhanced reality technologies. These technologies can have a significant impact on the sector, transforming the way it operates and guiding it along a path to sustainability.
But the technologies cannot be tamed with ease. The oil and gas industry is far more complex and risk-averse than other sectors that are applying these technologies successfully. Despite pockets of excellence that show vast potential, the industry is struggling to scale this technology successfully along its entire value stream from well to consumer. The challenge is not just the technology; it can be defined as people, process, and technology. Each facet must adapt and change to meet the new model.
Traditionally oil and gas events have focussed on the technology behind the digital solutions, but the Smart Oil Summit will demonstrate ‘how to do it.’ The interactive format has been designed to include; pre-arranged 1-2-1 meetings, focused roundtable discussions, streamed sessions, demos, case studies, and extensive networking opportunities aimed at breaking down departmental barriers and facilitating collaborative partnerships. Identifying and integrating the right innovative technologies, to developing an internal strategy and the ideal team to harness the endless opportunities.