Are you sure you read that correctly? Digital oil fields are still largely unknown today. A Digital Oil Field (DOF), to put it simply, could mean concentrating more on the goals of your oil company’s petroleum industry than only on the IT infrastructure. A number of different names, such as iField or Field of the Future, have been used to refer to DOF, which is not exactly a novel idea. The digitalization trend that a DOF offers, nevertheless, hasn’t really taken hold with businesses. Despite this, a DOF offers an enormous array of advantages and benefits for oil and gas organizations. If you are looking for the best digital oil & gas services go through https://www.digitaloilandgas.solutions/data-management-as-a-service-dmaas/.
A better understanding of the benefits
To boost ROI, boost productivity, and enhance operational safety, oil firms must properly utilise the data analytic capabilities provided by their IT infrastructure. Digital oil fields assist businesses in staying ahead, whether it’s through environmental preservation or preserving a competitive edge. Digital oil fields also aid in the information gathering process for E&P business decisions. Here are a few advantages that oil firms can obtain by employing a digitized oil field.
Communication is the era we live in now. Communication can happen even when one party is not physically present. To boost efficiency and optimise profitability, businesses must look more and more forward to the idea of a digital oil field as the era of easy oil comes to an end. Better profit ratios result from safer, better managed operations that can complete more work in less time.
The majority of the information may be supplied in real time, which helps managers make quick choices and lessens the different headaches experienced by employees. Remember that, in contrast to the conventional satellite very-small-aperture terminal (VSAT) technology, DOFs routinely use wireless networking and high-speed communications due to their lower latency and larger bandwidth.
A flood of E&P data can be provided to you via a digitized oil field. This data needs to be organized and funneled into something that makes sense. Frankly, this calls for an agile information management approach, which one can acquire with the deployment of digital oil field technology. As corporate stakeholders are unlikely to want to wait years for benefits to manifest, you need rapid benefits. Therefore, managing the data stream is crucial for a successful implementation of DOF.
Choosing the right framework
Adopting digital technology can improve and boost ROI since it can make use of data and information already available. A successful DOF adoption may also result in lower implementation costs and offer value to legacy systems in addition to IT investments. Because of the decision support framework that is provided and helps with operational decisions, making decisions is made easier.
Reduce costs and increase efficiency
Oil and gas firms can raise their net present value by improving production asset management and decreasing cycle time in addition to having better productivity and a higher ROI.
You may anticipate a reduction in cycle time and the use of all staff expertise to increase productivity and consistently complete work on time since DOF adoption means enhanced collaboration and information exchange.
An efficient deployment process
The lengthened deployment time is one of the biggest obstacles any oil and gas business encounters when attempting to use modern technologies. You must put money into investments, and it will take some time before you see any returns.
Since you know it can be done, you as a business are undoubtedly seeking for returns as soon as feasible. Instead of taking months, just a few weeks are needed for a successful DOF adoption and deployment. Keep in mind that visibility and process feedback will help data quality to improve over time. Allowing for incremental value creation will be necessary.
Why do so few companies use it?
A successful DOF deployment will undoubtedly face several difficulties. The explanation is straightforward: oil and gas corporations are leery of making fresh investments. It’s true that oil discovery is more difficult now than it ever was. This is because fields are harder to find, and deepwater or distant oil exploration only makes matters worse. A DOF, which separates the wheat from the chaff, aids in better strategic planning and boosts operational efficiency while a dependable IT infrastructure can help and perhaps improve efficiency (in terms of separating useful data from useless information).