Over the last few decades, the oil and gas industry hasn’t faced revolutionary change until now. As technology begins to advance and become imperative in many other industries around the world, the oil and gas industry will be greatly impacted by Industry 4.0 sooner rather than later. For those unfamiliar with the term, Industry 4.0, the fourth industrial revolution, will advance from the third revolution of adoption of computers and automation by enhancing it with autonomous systems fueled by data and machine learning. Industry 4.0 is set to make major changes in the oil and gas industry:
Climate change and global warming have been the center of attention for many years. The oil and gas industry has been one of the main focuses when talking about climate change. Due to the certain environmental impacts that the oil and gas makes, it’s hard not to include the industry in the conversation. With the help of the fourth industrial revolution, the oil and gas industry can become cleaner and greener. Industry 4.0 has the potential to evolve and shape the industry to eliminate certain environmental impact risks.
Data Storage and Control
The fourth industrial revolution brings unparalleled technology. This technology has the ability to store and learn from massive amounts of data. This type of machine learning can have a huge impact on the industry. Companies will be able to conduct real-time management and assessment of equipment and operations. Effective monitoring of these systems will improve productivity and the quality of the business. This will also eliminate the costs of filing paperwork and makes up for human errors.
The drilling process in the oil and gas industry has the potential to become revolutionized by industry 4.0. The possibilities of introducing advanced technology into the drilling process are endless. Through advanced technology, drillers can use data from software sensors to determine the kind of drilling methods have the correct combination of sand, water, and chemicals to maximize a well’s output. This can decrease costs drastically and increase production.
Industry Becoming Obsolete
One of the biggest questions that arise as the fourth industrial revolution gains steam is if the oil and gas industry will become obsolete. With so many advancements on the horizon, many questions whether we will no longer need oil and gas as much as in the past. This will likely not happen because although the demand for cleaner energy cannot be ignored, and technological advancements will help petroleum energy become cleaner and work more efficiently.