Digital Collaborations Set To Begin Unlocking Production
Leading energy technology companies unite to unlock efficiencies and increase reserve recoveries using digital advances.
In the brave new world of oil and gas production, digital alliances are emerging as a powerful tool for minimizing costs and maximizing efficiencies while ensuring safe and reliable operations. In the fast-paced world of business and innovation, an old proverb often rings true: “If you want to go fast, go alone. If you want to go far, go together.”
Innovative industry collaborations are making a difference, with traditional oil and gas service firms like Baker Hughes and SLB forming strategic partnerships with cutting-edge digital technology providers, leveraging the expertise of both to advance abilities and operations.
By leveraging technology such as artificial intelligence, automation, and remote operations, the oil and gas industry can monitor valuable resources with increased granularity and deploy its talented teams to concentrate on mission-critical endeavors, driving growth and maximizing their potential for success.
By harnessing the power of digital, oil and gas companies can now access real-time data, enabling them to make more informed decisions and streamline processes.
On the flip side, the digital technology companies involved in these partnerships gain valuable insights and domain knowledge from their energy counterparts, leading to tailored solutions to meet the specific needs of the energy sector and potentially opening new market opportunities.
Need for Value
The driving force behind these collaborations is the shift from a grow-at-all-costs mentality to one focused on value per barrel, according to Nikhil Patel, partner at McKinsey & Company.
“These collaborations reflect a broader need for value from digital,” said Patel. “We’ve had multiple rounds of market price challenges and multiple rounds of oil and gas companies pulling the usual levers to bring costs down and production up.