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The term digital oil field has become a buzzword in the oil and gas industry these days, with the mention of it bringing up pictures of computers, flashy screens, and programming to mind. In reality, the concept goes beyond these. -
Blockchain is a reliable, difficult to hack record of transactions and of who owns what. Oil and gas companies expect blockchain energy trading platforms to improve reliability and efficiency.
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The industry is facing one of the toughest challenges of its lifetime, but exploration and production companies are slowly and steadily adapting to the new changes.
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With more than 60% of oil and 80% of gas production coming from non-OPEC nations, and US shale production proving to be resilient, OPEC's influence on oil markets may decrease but it's role in market dynamics is still important.
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IoT is the next step in the evolution of the oil and gas industry. Changes have already begun in the field installations, in the corner office, and across the oil and gas value chain.
