How the Oil Industry Is Going Green Using the Latest Technology

How the Oil Industry Is Going Green Using the Latest Technology

Oil industry green technology: Industries all over the world are undergoing massive changes. Most of these alterations are due to environmental reasons. The power industry has seen perhaps the most drastic changes, and the oil and gas sector is at the forefront. The growing environmental concerns are rather pressing and gas company owners are looking for ways to make their operations more sustainable and environmentally friendly.

As a result, this has allowed the industry to become much safer and efficient as well. This is all possible due to the implementation of new powerful technology. There is a lot of potential for even broader connectivity within the industry in the future. But first, it is important to look at the current role of technology in the oil industry. Here is a closer look at the impact that technological solutions have had on this highly competitive industry.

More security using blockchain

The transactions in the O&G industry are under a constant threat of corruption and crime. The blockchain technology allows for a far more secure and transparent management of transactions using digital ledgers which can digitally record all financial operations. The technology is based on blocks which store specific data about transactions such as date, parties involved and price. These blocks are registered using a unique code and then referenced to all previous blocks, ultimately ending up tied together to form a blockchain. This is a brilliant way to boost trust with your business partners and gain good recognition regarding sustainability and ethical efforts. 

Image by Gerd Altmann from Pixabay

Automation

The use of automation technology is rapidly growing and it is estimated to reach around $42 billion by 2030. The benefits are especially relevant for the oil and gas industry. There are several ways in which automation can be applied to this massive industry. The most relevant use case involves the implementation of robotic process automation (RPA). The robotic process automation provides a simplified approach to handling basic tasks which is automated through the use of a dedicated software and hardware which can function across a multitude of applications.

This makes the work much more productive and safer for the workers, since they can simply configure the software to manage the robots, manipulate the data, trigger desired responses and communicate with all of the digital systems in a company. Apart from this, automation can also be used in order to optimize supply chains by improving cycle times.

This can save a lot of money and minimize pollution caused by shipping and logistics. When it comes to boosting the safety of all the drilling operations, it is possible to use drones and underwater bots that can be automated to inspect any inaccessible offshore drilling locations. This is by far the most effective way to reduce errors and increase the overall safety of everyone involved. oil industry green technology

Optimized drilling

The most important aspect of this industry is the drilling process itself. This accounts for most of the expenses and most of the productivity as well. If optimized properly, drilling can lead to massive profit along with improved safety and sustainability standards. There are two prominent ways to optimize drilling. Firstly, using the latest technology experts have been able to create optimal drilling conditions. This is done by applying extremely reliable drilling fluid solutions, which have been engineered with perfection in mind.

This makes your drilling much more effective and sustainable. Not only will you be able to achieve better performance but also maintain your machinery in perfect working condition for many years to come. In addition to that, using advanced data-driven analytics can increase the effectiveness of your drilling operations by reducing unproductive downtime and optimizing the speed of your drills based on real-time data.

Image by Ravindra Panwar from Pixabay

Use of IoT

One of the latest tech trends involves the use of the internet of things (IoT) technology which is extremely useful for monitoring pipelines. A lot of financial and environmental issues stem from leakages and damage done to the gas pipelines. IoT devices include powerful sensors, tracking modules and machine-to-machine connectivity capabilities that allow for safe and efficient monitoring of pumps, filters, and pipes. The best thing of all is that it can be done in real-time completely remotely.

This is a great way to eliminate manual checks which can be quite expensive and dangerous. A huge part of being efficient in this industry revolves around having frequent status updates on your assets. Asset monitoring has never been easier thanks to IoT. Now it is possible to monitor heavy machinery in some of the most remote and extreme conditions. In addition, accurate measurements are also a lot easier to obtain, which can be used to establish good performance parameters.

Use of VR and AR

Big part of the safety risks involved in this industry comes down to the quality of worker training. Virtual and augmented reality can make this integral part of employee preparation much safer and more efficient by simulating near-realistic high-risk scenarios while keeping the trainees completely safe. This allows workers to gain relevant experience that will actually benefit them rather than doing so by learning about the potential dangers of drilling operations in theory. oil industry green technology

Conclusion

The oil and gas industry has undergone many challenging changes in a world which aims towards more sustainability and with an amounting pressure coming from competitors specializing in renewable sources of energy. However, the O&G industry is now able to deliver a mighty answer to this challenge using some of the latest technology such as: automation, use of IoT, optimized drilling techniques, use of VR and AR in training, and a more reliable and secure way to handle transactions that comes with blockchain.

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