How digitalization can streamline oil and gas operations

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4 minute read 7 Jun 2019
By

Jeff Williams

EY Global Oil & Gas Advisory Leader

Global energy executive. Passionate technologist. People developer. Husband and father. Outdoors enthusiast.

4 minute read 7 Jun 2019

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Will digital help us do less or become more?

The new reality of the oil and gas industry requires sweeping changes across the value chain. Advances in digital technologies have the potential to allow the industry to respond effectively to changes in the market.

Oil and gas companies are being pressured on pricing and their ability to access new assets. Although a digital strategy can address some of these pressures, some larger questions remain. For instance, which tools will drive value creation going forward? How can companies keep pace with the whirlwind speed of innovation? And, perhaps most importantly, what approach to technology adoption will allow companies not just to remain part of the pack—but to accelerate ahead of the competition? Is an incremental change the right approach, or is it a missed opportunity?

Some of the areas for the greatest potential for impact across the value chain include:

  • Intelligent Automation 
  • Data driven decisions – supported by artificial intelligence 
  • Industrial Internet of Things
  • Blockchain

Summary

Oil and gas companies must find ways to adapt their businesses to be competitive in the new environment and digitalization can help drive this transformation.

About this article

By

Jeff Williams

EY Global Oil & Gas Advisory Leader

Global energy executive. Passionate technologist. People developer. Husband and father. Outdoors enthusiast.