Over the last decade, IoT applications have emerged as a leading force, offering technological solutions to a wide range of industries and steadfastly transforming the global economy. From home automation to healthcare to manufacturing, IoT technology is proliferating in every aspect of the modern world. The oil and gas industry, too, is discovering smarter alternatives by exploiting the advantages of IoT applications. The oil and gas verticals today face a multitude of challenges including oversupply, weaker demand, remote field operations, and lower oil prices. Adopting IoT enabled solutions is providing a number of benefits for companies in this sector by making operations easier, safer, and cost-effective. This approach is also generating never-before anticipated opportunities and value.

Transforming Oil & Gas strategies with IoT

Here is a quick look at some of the ways in which the oil and gas industry is leveraging the advantages of IoT-related technologies through IoT sensors, devices, edge analytics, platforms, and other enablers that deliver a connected ecosystem.

Increased operational efficiency

IoT-enabled devices and systems are increasing the efficiency of operations, with minimum human intervention. OIL AND GAS operations are extremely complex and automation offers many benefits. For e.g., Unmanned Aerial Vehicles equipped with sensors are today being used to inspect and monitor thousands of miles of pipeline, instead of inspectors walking the pipeline with equipments. Automated workflows are decreasing downtime and while enhancing safety.

Efficient data analytics

Industrial IoT can collect and analyze large-scale data in real time across an entire site. Analytics performed on this data can lead to better decision-making about the location of wells and optimal operating conditions.   Applying predictive analytics on this data also helps in accurately identifying locations among multiple sites that require timely maintenance.

Real-time asset monitoring

Asset monitoring is very critical in the oil and gas industries. It is essential to ensure the working of expensive rigs and that corrective maintenance is performed. Embedded sensors and connected systems provide data as to the condition and location of an asset. IoT-enabled asset management helps to minimize downtime, cut operational costs due to interruptions, and keep the oil pumping.

Human asset management

IoT and wearables will continue to play a big role in the future of oil and gas as they assist in monitoring organizational human assets. This will impact the health, safety, and productivity of the workers, especially those who work in remote fields or in a hazardous environment.

Connected environment

IoT sensors, installed at various locations, make it possible to get data from multiple sources. For example, sensors provide real-time visibility that allows engineers to monitor leakage, discharge pressures, vibration, and other physical attributes. Trigger warnings if the parameters cross a threshold help to reduce equipment failure, to prevent costly disruptions and increase safety.

Remote and real-time monitoring

Enabled by the technological advances of IIoT, oil and gas firms can receive real-time information. And all this information can effectively be geographically dispersed to even emote assets with very little existing communication available. This ultimately helps to reduce operational costs while increasing productivity.

Companies are actively adopting Industrial IoT applications are setting themselves up for long-term success in the competitive global market. Upstream, midstream oil and gas value chain (upstream, midstream, or downstream) every sector is eventually investing in the IoT.  Oil and gas companies can and should exploit the benefits of an integrated IoT strategy. This approach reaps the greatest economic benefits and reshapes how the energy industry works.

WeMakeIoT specializes in leveraging IoT technology to create end-to-end solutions not just for the oil and gas vertical but also across every manufacturing ecosystem. Building efficiency across the manufacturing network through industrial IoT applications is one of our core areas of specializations. Connect with us at https://www.wemakeiot.com/ to explore further options in IoT-driven manufacturing solutions.