Heavy oil extraction techniques, automated monitoring, multi-stage hydraulic fracturing, and digital wells are pumping new life into tired oil filed operational models. These technologies aids oil companies to efficiently monitor pipelines, predictive maintenance of assets, increased worker safety, reduced production downtime. In wake of these developments, the global digital oilfield market is projected to reach $54.4 billion by 2030.
Among the most exciting innovations in the oil field market is the utilization of digital twin that provides oil companies a real-time view of the operational parameters of the equipment and the personnel operating the equipment and working in the field. Enabling to create an analytical what-if model, help companies to proactively predict equipment failures, and reduces unplanned downtime. This also reduces the unnecessary manual checks of the system, and workers are only deployed when anomalies are detected.
To put the spotlight on such key developments, Energy Tech Review illustrates how oil companies are leveraging the latest digital oilfield technologies to augment their business operations. This edition also features a thought leadership article from Todd Hranicka, Director of Solar Energy, EV and ES at Public Service Electric & Gas (PESG), Dr. Sebastian Neubert, Lead Strategic Projects in New Energy Business (NEB), at Siemens Energy AG, who sheds light on the role of expanding renewable energy sources, importance of SaaS application for effective day-to-day operations.
In this edition of Energy Tech Review magazine, we also bring to you the story of some of the top digital oil field solution providers. In the list, National Grid stands out for its ability to electricity transmission and distribution by delivering electricity safely, reliably and efficiently to the customers and communities towards a cleaner, greener energy future. We also bring you the story of EKU Power Drives, helping increase assets performance with idle management, and implement automation for reduced gas footprint. Equally commendable are the stories of Well Master, providing artificial lift systems for improving horizontal wells performance and minimize the total cost of ownership and maximize ROI for well owners.
Through the following pages, we aim to shine a light on the innovative trends and latest developments in the digital oil field sector. We would like to know your thoughts.
