Only one in five oil and gas companies see themselves as highly digitalized today. However, close to half of senior oil and gas professionals (45%) already see solid or high potential for big data and analytics to transform the operating efficiency of the industry in 2016, according to research by DNV GL, a technical adviser to the oil and gas industry.
The research among over 900 senior oil and professionals reveals that despite it’s potential, only 36% plan significant or moderate investment in big data and analytics in 2016.
The IT related technology expected to by most respondents to have significant or high investment is cyber security attack / prevention (44%), followed by automation / remote operation (43%).
“Early adopters are emerging, but many in the industry are still at early stages of maturity in data analytics and data-based decision making. The industry is in something of a ‘Catch 22’ situation; close to half of seniors in our industry see solid or high potential for big data and analytics to transform the industry’s operating efficiency in 2016. However, investment seems to be lagging just when we need it most. Our in-depth interviews point to cost constraints and uncertainty about the cost-saving potential of digital technologies as the key reasons,” says Nada Ahmed, Senior Engineer at DNV GL – Oil & Gas.
“As for other areas of innovation, collaboration could prove essential to bridge this digital gap and ensure experience transfer in the conservation of data, efficiency drivers and ways to ultimately leverage the opportunities big data represent for the industry,” adds Ahmed.
DNV GL has identified key opportunities to reduce costs by optimizing day-to-day operations2:
Elisabeth Tørstad, CEO of DNV GL – Oil & Gas, says: “Our customers say that a number of challenges need to be addressed to capitalize on the opportunities within Big Data; robust strategies to capture, manage and utilize critical data, access to reliable, trustworthy data, and stringent security to minimize security breaches. We are working with the industry to help it manage the risks and leverage the opportunities associated with digitalization.
“Cyber-attacks on in the oil and gas industry have grown in stature and sophistication in recent years, making them more difficult to detect and defend against, and costing companies increasing sums of money to recover from,” adds Tørstad.
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