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Lower Operating Costs With Enhancement In The Digitalization Of Offshore Oil And Gas Sector

2017-10-11 | 10pm

According to latest report, in order to enhance the usage of digitalisation within the offshore oil and gas industry to attain lower operating costs (Opex), more needs have to be accomplished. A  joint study is conducted by AVEVA which is a leading software company along with Westwood Global Energy Group (Westwood), which is a leading international research led consultancy firm. Wide range of decision makers have been interviewed within the Exploration and Production (E&P) and oilfield services companies. Therefore, they would be able to understand their views on digitalisation in a detailed manner.  It has been discovered that with the benefits of digitalisation, which comprises of tools like intelligent data management along with laser scanning for the creation of a Digital Twin. They have been generally recognised as the risk averse culture of the industry coupled with reduced budgets when there is huge downturn of oil price. According to the Marketing Solutions Director at Aveva, Michail Tzouvelekis, “Our report provides valuable insight into the perceptions of digitalisation in offshore operations – particularly maintenance and modification. New data provided by Westwood also improves our understanding of the short to mid-term outlook for the industry,” he further added, “It’s clear from the study that both the oil and gas industry and providers of the digitalisation tools need to step up their efforts, if the industry is to realise the full long-term benefits of these technologies.” According to the report of Digitalisation Offshore, that since the highs of 2014, the price of Brent Crude has been fallen by 76%, from $114/bbl to $28/bbl in January 2016. This leads to sharp drop in the global oil and gas Capex and Opex investments by 42% and 22% respectively. However, it seems that Westwood’s Base Case scenario assumes average Brent spot prices will increase to $70/ bbl. by 2021 with overall E&P spend also recovering modestly. According to the Director and Head of Westwood EMEA Consulting, Arindam Das,  “As the industry adjusts to a lower for longer and volatile oil price outlook, digitalisation is especially pertinent in the context of offshore operations which continue to be challenged”  However, most of the interviewees have faith in digitalisation as they assure it would deliver benefits including reduced Opex, better quality and sharing of data and more efficient projects. Tzouvelekis said, “While the downturn has helped to make the case for digitalisation, parts of the industry have been more open to change than others.” He further added, “We are finding that some companies, particular supermajors are typically further ahead with digitalisation projects than others such as independent operators, where there is less focus. FPSO operators, in line with the wider marine industry, are already beginning to implement digitalisation initiatives” . .