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Oil & Gas
Building Resilient Operations: Reducing Cost while Maintaining Output in Oil & Gas
February 24, 2022
Although recent efforts have put the push for renewable energy on a global stage, it’s clear that the transition will be a slow and tedious process. According to DNV’s 2021 Energy Transition Outlook, oil & gas output shows no signs of slowing down – constituting 40% of the world’s energy source mix in 2050. As the pricier, “green” energy shift progresses, oil & gas companies must find ways to cut costs. These so-called resilient operations will be critical to the industry throughout the late 21st century. By utilizing reality capture, autonomous vehicles, and other digital technologies, energy companies can stay ahead of this financial burden while complying with environmental social governance (ESG).
Minimizing Costs with Clear ROI
A recent Barclays Report stated that cost savings opportunities due to asset and processes digitization within oil & gas is estimated to be $150 billion per year. By furthering remote work, automating inspections, and continuing to invest in the digital transformation of oil & gas businesses, experts suggest that this number could be even higher.
But how to get there?
One of the easiest ways is to drastically reduce or eliminate the exploration cost. While the initial investment is necessary, companies will reduce maintenance costs and non-productive time in the long run. Furthermore, streamlining data tagging by replacing manual labor with drone technology eliminates unnecessary site trips and ample processing time for technicians.
Improving Safety & ESG Compliance
We know that the oil & gas sector is receptive to new technologies, but highly conservative when it comes to changing strict safety protocols or current operational optimization. Because of this, AI, ML, and ground robotics will increase in importance in the years to come. Reducing personnel exposure by conducting unmanned aerial inspections or utilizing virtual assets for equipment checks not only saves money on off-cycle maintenance but also minimizes worker risk. At DroneDeploy, we see this most clearly when our customers employ tools like our 360 Walkthrough solution to remotely capture, organize, and share data on-site. With employees free to tackle other tasks, companies optimize operational performance.
Transformational technologies like reality capture are vital as oil & gas companies work to reduce their carbon footprint. By intertwining cost structure improvements with safety enhancements, energy organizations can build truly sustainable, resilient business operations. As we move into this next wave of renewable energy, we’ll see which companies put in the work upfront to modernize their procedures and equip themselves with cost-saving tools for efficient processes.
If you’re interested in overcoming manual challenges in oil & gas, download our free eBook on the industry’s digital transformation, or contact us directly.