Oil and gas companies are currently undergoing a second wave of digital transformation, driven by the need to improve efficiency, reduce costs, and maintain margins in the face of market pressures and cyber threats. The first wave of digital transformation in the 1990s saw the adoption of pilots for digital oilfield projects aimed at leveraging data for real-time monitoring and decision-making, but only a fraction of the data generated was used. The current wave is focused on scaling up digital pilots and incorporating digital solutions to better utilize the available data and improve decision-making. Key digital applications in the oil and gas sector include predictive maintenance, real-time monitoring and decision-making, and enhanced cyber resilience. The benefits of these applications include improved efficiency, reduced costs, and increased competitiveness in the face of market pressures.
