Over the past several years, we have seen our world become more connected. In our day-to-day lives, new technology helps the physical and digital worlds come together. These connections help give us better control and visibility into the world around us.
If you have a smart doorbell, smart locks, or even smart lights in your home, you’re gaining insights and making decisions based on that information—even if it is just making sure your front door is locked. Digital twin technology (and other Industry 4.0 tech) brings those same connections and visibility of the smart home, then amplifies it to a whole new level for the oil and gas industry.
Here, we’ll take a look at how digital twin technology is changing the oil and gas industry and where this technology can be applied.
What is a Digital Twin Inside of Oil & Gas?
At the most basic level, a digital twin is an incredibly accurate digital model of a real, physical object. Through sensors and detailed modeling, digital twins have the power to simulate advanced systems in real-time.
When using a digital twin, you can:
- Prevent and prepare for problems by playing out scenarios
- Test concepts and trade-offs without having to put money or time into physically testing it
- Gain understanding into your job sites, what stage they are at, and what is currently happening
- Create a better decision-making process by running what-if scenarios for upgrades, materials, locations, and more
- Reduce health, safety, and environmental risks
- Shorten time-to-oil from better data and have more confidence in decision making
- Lower the cost of operations by having the data and sensors answer questions and reduce errors
With the combination of artificial intelligence, machine learning, cloud computing, and other technological advancements, O&G professionals can make more informed decisions and operational advancements than ever before.
For example, BP created APEX, a highly sophisticated simulation and surveillance system. APEX uses virtual models of BP’s production systems and runs simulations using real-time data. Through this access to real-time data and being able to make informed operational decisions, APEX added 30,000 barrels of production globally in one year.
How Digital Twins (And Other Industry 4.0 Tech) Give You More Visibility
The main advantage of digital twin technology is the increase in visibility. Visibility through sensors, real-time data, and simulations is what brings the advancement in operations and decision making. BP experienced that improved visibility through their digital twin technology that brought an increase in global production. Ultimately, increasing visibility on all sides of operations will be a key aspect of thriving oil and gas companies.
Through the revolution of industrial technology and Industry 4.0 advancements, oil and gas companies can now implement technology that helps increase visibility throughout all aspects of their operations. Through new industrial technology, O&G companies can gain visibility into operational spending, quote and vendor history, site planning, procurement, RFQs, and so much more. More visibility into your business means more data, better decision-making, and overall better operations.
Technology is Driving the Future of Oil & Gas
Digital twin technology is revolutionary for oil and gas. It is changing the way O&G companies can plan, pivot, and operate. Now it's time to continue to implement technology that brings visibility into all aspects of your oil and gas operations.
Here at FieldEye, we are dedicated to creating technology that brings your operations into full view. Minimal visibility impacts countless tasks, including those surrounding project planning, vendor management, and procurement. Our job site management software helps operations teams improve site and spend visibility while streamlining processes involving equipment sourcing, vendor management, quote tracking, and more.
Technology will continue to drive the future of oil and gas. Now is the time to take the necessary steps to put your company on the right track and leave unwilling competitors in the past. If you’re ready to learn more about how technology can increase your visibility into operations, we’d love to chat with you.