Author: Chris Dartnell Schneider Electric Blog
Research indicates increasing investments in renewables and electric vehicles will yield measurable change to the energy distribution landscape, but not for another 20+ years. Meanwhile, O&G companies are faced with producing energy for today’s demand while creating cleaner energy products for the future. Added to that, O&G companies are challenged to adopt more sustainable operations to improve efficiency and profitability.
Digital adoption drives new operating paradigm
In response to the evolving energy market, O&G companies have embraced innovation through digitalization. Advanced technologies including the Industrial Internet of Things (IIoT), artificial intelligence (AI) and machine learning have the potential to hasten industry transformation by connecting workflows, bridging informational and operational silos, and enabling smarter decision-making. Some of the ways O&G companies are benefiting from digitalization include:
Improving sustainability with better energy use
With social and political pressure driving sustainability, O&G companies have prioritized the shift toward sustainable operations. Through innovation and digitalization, the O&G industry is making great progress in sustainability.
In addition to investments in renewable energy sources, there are many ways in which IIoT and digitalization strategies can support sustainability. Enabling greater visibility across the organization’s energy consumption is an important strategy to support energy efficiency. Energy management and control systems enable O&G operators to monitor real-time energy consumption, power quality and system health in their operations. By focusing on smarter energy use, O&G companies can optimize energy consumption, extend the life of critical equipment, reduce risk of failure and protect workers.
Shifting to gas is one initiative towards reducing carbon emissions and making our environment more sustainable. Floating LNG regassification plants and gas based power plants have gained major traction in past few years in some remote geographies. IIoT solutions for FLNG plants can also help improving efficiency and increasing profitability.
Digitalization is fueling the future
Key processes within Oil & Gas and Petrochemicals operations have reached a new level of digitalization, driving significant efficiency and productivity advantages for an industry in the midst of a major paradigm shift. O&G companies must continue to invest in digital innovation to successfully evolve along with a world increasingly focused on sustainability and energy transparency.
Schneider Electric is leading the digital transformation of energy management and automation. Using IoT-enabled solutions to seamlessly connect, collect, analyze, and act on data in real-time, which can deliver enhanced safety, efficiency, reliability, and sustainability performance of major industries, including O&G.
Visit us at booth #535 at the World Gas Conference where Schneider Electric will explore the digital evolution in the O&G industry.
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