cutting-edge computing-post-COVID growth

Like many other sectors, the oil and gas sector was impacted by the negative economic impact of COVID-19 and the consequent changes in consumer behavior. But unlike other industries, managing an unstable economic environment is not unprecedented. The oil and gas industrIES has gone through many boom and bust cycles over the years and may be a leader in shaping how to quickly recover from this crisis.

cutting-edge computing-post-COVID growth


Technology Supports Faster Recovery

It's just a matter of time before demand for crude oil picks up. In fact, oil prices have largely rebounded to pre-pandemic levels, according to TradingEconomics.com, reflecting demand and market optimism, which could be followed by platform numbers and other production measures. As you recover, finding qualified employees can be a challenge, as some may have left the industry during the recession while others retirement.

Edge Computing technologies will help oil and gas company meet growing demand before they need to increase their headcount. This will happen primarily through the migration of applications to the operational periphery to increase autonomy and support remote operations. Yokogawa recently published Prospects for the Transition to Industrial Autonomy, which surveyed more than 500 respondents across 5 regions, covering industries including oil and gas production, refining and refining. It is estimated that demand in these industries will return to pre-COVID levels by 2023, making it imperative that automation investments happen sooner rather than later.

Yokagawa found that 89% of companies plan to increase automation to improve operational efficiency and productivity. After COVID, the applications that support the most autonomy receive the greatest amount of investment. IT professionals are investing in clouds, artificial intelligence and cybersecurity. There is also investment in applications for maintenance and remote operations. These applications allow companies to automate tasks that previously required a local employee. Automating these tasks also improves worker safety by reducing the number of workers exposed to potentially hazardous conditions, including future pandemics.

How will existing roles and responsibilities change?

The move to greater automation and remote operations means that existing staff roles and responsibilities will change, and job requirements for future employees will change as well. Yokagawa found that 50% of current employees have to travel long distances, 40% perform repetitive tasks and 38% are exposed to hazardous conditions as part of their work. Automated and autonomous operations can solve these problems, and tasks such as quality control, process monitoring, asset monitoring and process operations are increasingly being automated with Edge Computing technology.

Cutting-edge computing and automation can help improve more than just physical problems. Through the use of digital twins and artificial intelligence, decision-making tasks such as triggering potential scenarios can be accomplished without human intervention. Nearly half of respondents indicated that technology investment priorities for the next 3 years include AI, smart machines and sensors, cybersecurity and big data.

 Another area where automation and remote monitoring can save operational time and overall costs is predictive maintenance. Preventive maintenance uses data such as temperature, vibration and flow rate, which are collected by sensors and analyzed for alarms or abnormal results. This data is then used to predict when maintenance must be completed to avoid degraded efficiency or equipment failure.

Unleashing innovation

In today's volatile market, agility and flexibility can make or break a business. Everyone is trying to figure out how to do more with less. Leading-edge computing technology enables organizations to maximize asset performance while increasing employee and asset efficiency. Reducing the number of repetitive manual tasks that require human supervision means employees can focus more on analyzing business results and finding ways to innovate and achieve future success.


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