Industry Trend Analysis - Efficiency Drive: Deeper Application Of Oil Data Needed - NOV 2017
BMI View: Data collection on oil and gas operations is increasing though is substantially underutilised . Increasing storage capacity, boosting processing power and automating more processes will be the next major steps for oil and gas companies to improve operating efficiencies, crucial to developing a competitive edge in a lower oil price environment.
Oil and gas prices are not expected to appreciate to the USD100/bbl levels seen over 2011-2015 within the next five years or longer. In this environment, especially given that investment decisions were made with expectations of higher oil prices, companies are looking to squeeze as much efficiency improvements from their assets as they can. Sensors, data collection and data processing are key to maximising the efficiency benefits of technology and improving asset management in the oil and gas sector.
More Data, Faster Delivery
|More Efficiencies To Leverage|
|BP Data Collected, Used & Automated %|
|Source: Based on BP Statements, BMI|