The oil and gas industry, to a good extent, has managed to achieve stability in prices and consistent growth over the last few years. It has also started to benefit from the development of more advanced technology. Modern day technologies allow oil and gas companies to augment their efficiency, and safety levels. These technologies are sparking the interest of several experienced professionals belonging to the oil and gas industry, including Paul Favret.
The software has been at the forefront for a while in regard to the development of new technology in the oil and gas industry. Such software and related technologies like AI, Big Data and IoT help oil and gas companies to keep a better track of their available supplies and inventories, and subsequently optimize their operations. Here is a brief insight into some of these technologies:
- Artificial Intelligence: Many oil and gas companies use AI to communicate, complete tasks and solve problems. AI solutions can help in surveying facilities, monitoring machines, as well as forecasting and improving safety. Artificial intelligence can also be used to operate machinery and devices.
- Big Data Analytics: With the assistance of big data, oil and gas companies can increase the variety and volume of such data, and make better use of its insights. These companies can particularly generate a huge amount of data from oil drilling and production, as well as 3D seismic surveys. This data is subsequently used by oil and gas companies to improve their decision-making. The use of data analytics has helped several oil and gas companies to improve their efficiency in completing critical tasks and strengthen their safety procedures.
- Internet of Things (IoT) Electronic Monitoring: IoT has become a huge trend in the last few years. It essentially is the extension of internet connectivity with varying hardware devices. IoT sensors allow oil and gas companies to get real time data on storage, transportation, machinery and pipes. This technology can also be used for monitoring employee safety.
- Drone Technology: Use of drones has also become a popular trend in the oil and gas industry. These drones fly over the surface, offer a bird’s eye view of facilities and help in the completion of a myriad of tasks. Oil and gas companies particularly use drones to monitor facilities, take photographs of facilities and carry small objects across facilities.
The oil and gas industry has become among the most important industries in the global economy for generations. After all, it is responsible for providing important energy sources for buildings, vehicles, homes, machines and more. With the growing need for safety and maintenance in this industry, oil and gas companies are becoming more reliant on technology. People belonging to this sector are typically open to innovation and hence are trying to be as proactive as possible to implement modern technologies into their processes. Paul Favret is especially known for his innovations in relation to upstream oil and gas exploration approaches.