Industry4.0: Availing Unexplored Horizon to the Oil and Gas Industry

Fourth industrial revolution a coalescence of Information technology (IT) and Operational Technology (OT) is set to witness significant growth in various industries and related businesses. Owing to declining prices of crudes the major oil and gas companies, especially those in the upstream sector are opting for advanced technologies to cut down the operational costs.

Electric Wireline is one of the major cabling technologies employed during exploration and well abandonment activities for petrophysical analysis and other geological assessment of the reserves. The gigantic amount of data so generated by the sensing, imaging and other logging tools are being stored for future assessments. Industry4.0 avails significant optimization opportunities from the data captured for well-intervention and logging process carried during exploration, well-preparation, on-production, and well-abandonment. Apart from linking and availing the historical data to the end users, the cyber-physical systems being developed for this industry is moving towards the incorporation of Big Data analytics. This is to enhance the existing structuration, processing and analysis of the raw data to a visually presentable form which can be easily understood by the business officials to make critical decisions.

Certain Geospatial Information Systems are also being developed to visualize historic and real-time data generated from various well logs. The visualization ranges from a particular well to the collective number of wells in a certain location or region enhancing asset and project management. This is set to be one of the major driving factors driving electric wireline service market globally. Apart from electric wireline, slick line and braided line are also prominently opted for well intervention and other related processes; the results and operational data so generated is then loaded into the system for future reference.

Exploration and extraction of shale resources involve various advanced techniques which are capital intensive thus requires significant optimization to reduce the operational cost. Increasing exploration activities of these reserves in economies with prominent reserves such as China is estimated to drive the wireline service market in the future and further this growth is set to be assisted by Industry4.0.

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