We want to see data at the heart of every decision. Our aim is to transform the UKCS by unlocking the wealth of information hidden in both historical and the growing volumes of real-time operational data.
The oil and gas industry has so much to learn from how other industries have used digital technology to transform their business. We are working with partners in aeronautics, airlines, manufacturing and banking to find out more about how they’re using digital solutions to reach the next level of performance.
What we can see is that there is clearly an urgent need for digital transformation in the oil and gas industry. In many ways, this is our last chance to act. The exploration cycle is potentially longer than the time remaining to develop resources. Decommissioning is upon us in a big way. And we can’t wait for the oil price to recover. We need to deploy the most advanced and most integrated digital solutions now.
We are faced with three major challenges:
- Huge volumes of raw and processed data, mostly in siloed stores
- Growing volumes of real-time operational data
- Integration and display at scale to create actionable opportunities
The UKCS could be leveraging data across the basin rather than leaving it in silos, if only we could become more collaborative. The application of predictive analytics, artificial intelligence, machine learning and cognitive technology could yield powerful digital solutions with multiples sources of value. Solutions that will unlock the wealth of information hidden in the data and help us to achieve the MER UK targets.
The immediate challenge is to develop the most game-changing solutions from a huge range of options – and that’s what we are here to support.
The benefits of data optimisation
If we can work together to leverage the scale of data available across the UKCS, and apply that data to transform how we work, then the key benefits will include:
- Improved facilities uptime – pushing plant performance beyond 95%
- Better exploration and production optimisation – increasing production by 2-5%
- Enhanced safety management – helping to prevent the next accident
- Improved efficiency – reducing costs by more than 10%
Working in partnership
We are now working with industry partners to define the significant challenges that require new digital solutions. To help us transform the future of the UKCS or find out how we can help you, please get in touch with our Digital Solution Centre Manager, Stephen Ashley at email@example.com.