//Technology in oil and gas industry

Technology in oil and gas industry

Ever since the oil prices dropped in 2014, the field has become less profitable. As Wood Group’s
chief executive Robin Watson confirmed, 2016 has faced 71 bankruptcies, which is 19 more
than the previous year and 60 more since 2014- the year the crisis emerged. “About 350,000
people lost their jobs in the process,” Watson added.
Watson has also suggested the idea of companies adapting technologies from other sectors and
referred to a simple digitization project at Wood Group’s North Sea operations, which reduced
required visits to some sites from eight down to just one.
Schlumberger’s Drilling Group President Catherine MacGregor has also highlighted the slump
that this industry had to endure in recent years, explaining, “The oil and gas sector is a little bit
behind. New digital technologies like the Internet of Things (IoT) and resulting data can provide
massive benefits.”
British Petroleum CEO Bob Dudley also stressed that the lack of technology is hurting the oil
and the gas industry, saying, “As an industry, we are already second in the sense of…the lack of
sensors we have all through our wells. We need to look outside the industry at the ability of the
aerospace industry or even that of the automotive.”
Experts have also highlighted new technologies such as robots, additive manufacturing and
augmented reality, which could all transform work and operations at offshore sites.