McKinsey suggests offshore operators can reduce costs, including operational and capital expenditures, by 20 to 25 percent per barrel by relying on connectivity to deploy digital tools and analytics. Such a dramatic technological lift can’t come soon enough. The oil and gas industry is experiencing its third price collapse in 12 years. After the first two shocks, the industry rebounded, and business as usual, including a lack of focus on efficiency and costs, continued. The current collapse is different, with the sector facing a supply shock combined with an unprecedented demand drop and a global humanitarian crisis. Among the major hurdles to acheive the value add in the industry is Data ownership and Data Collection in such a complex industry, with various pieces of equipment delivering different information and equipment manufacturers, service providers, and oil companies still resolving ownership of and access to data.
Some technology service providers seek to lock operators into proprietary software to prevent data from becoming a commodity. With Neuron Data Management, these hurdles are easy to jump, as the solution are purpose made for collecting data across control systems, protocols and assets, enabling safe streaming of data to your storage of choice while remaing in control and ownership. Read the full article here
McKinsey talks about the issue of decarbonizing the world's industries, and their research shows that solutions are within reach. In many cases, a tranformation is well underway.
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