Internet of Things – the new Oil and Gas trend
What comes to your mind when you hear the term Internet of Things (IoT)? You may be reminded of fitness trackers, smart watches and other wearable devices or equipment which can be embedded with electronics or software. Applications of IoT have been increasing steadily and now, the oil and gas industry is set to experience its multiple benefits. The advantages of oil and gas IoT applications lie in creating value through an integrated deployment strategy. IoT will allow the industry to digitize, optimize and automate processes that were previously unconnected to save time, money and to increase safety.
Applications of IoT in Oil and Gas
Some of the ways IoT features in this industry are highlighted as follows: –
Acoustic Monitoring: IoT acoustic sensors in the oil field continuously analyze oil composition (oil, water, gas, etc.) within pipelines to determine types of crude oil, while laboratory tests from simulated field conditions and selected sensors exhibiting optimal oil flow performance enhance the readings. In addition, statistical models estimate the composition and flow rates to continuously improve planning for subsequent operations.
Seismic Exploration Sensors: Individual IoT sensors connected by fiber optic cables aid oil exploration by mapping subsurface drilling sites to determine new drilling locations and optimize output of operational sites. An Internet-connected seismic sensor network collects data and transfers it to servers to provide an image of the subsurface site. Comparative data analysis is conducted to select the best drilling site. A sensor-based system improves drilling rig productivity and reduces time required for site-selection data analysis.
Digital Twin for Projects: A fully loaded digital twin–a digital replica of an actual asset being constructed–gives oil & gas companies the ability to drill down virtually to obtain project progress updates (e.g., outstanding issues, bottleneck constraints) increasing knowledge-gathering efficiency. The digital twin also provides a 3D status report that allows management to “look around the platform” and understand the status of each component from design, build and assembly.
Benefits of IoT in Oil and Gas
IoT has led to many improvements in this industry. Some of these advantages are listed below:
Remote Services: Oil typically isn’t found in easily accessible areas. With safety and regulation issues rising, extraction sites in remote locations and the increasing price of equipment maintenance, IoT allows oil and gas companies to be available at all hours to manage issues ranging from spills to emergency shutdowns and remote field operations. For instance, massive amounts of reservoir data can be integrated with near-real-time field data to plan the placement of wells and water tanks and to determine flow rates.
Health and Safety: Oil and gas extraction is characterized by hazardous working environments. IoT allows companies better to predict when mining plant and equipment needs maintenance, to track spare parts on rigs, to know whether contract workers at a refinery are certified to be in certain areas and to determine the exact number of people to evacuate when an incident occurs.
Asset Tracking and Monitoring: Wireless sensor network oil and gas IoT applications are in great demand nowadays. Due to oil’s dramatic price volatility, companies are spending more time analyzing their investments and internal operations to see where reductions or changes can take place while still maintaining the business and maximizing asset utilization.
The Final Word
As a segmented industry with various streams, Oil and Gas would benefit from a seamless framework in which IoT applications and deployments are closely monitored across the ecosystem that comprises upstream, midstream and downstream players. The sector will benefit from the adoption of asset tracking solutions and predictive maintenance and will enhance processes involved in crude oil refining. Those applications may even become a necessity for maintaining a lead over peers in the ultra-competitive global Oil and Gas marketplace!