With crude oil prices fluctuating all over the place, predicting the production has become more vital than ever. Because of this, more and more companies are turning to FutureOn digital oilfield solutions for help in managing their oil rigs.
Use of software in managing oil fields is nothing new, but in the last ten years, the field has been expanding by leaps and bounds. Integrated modeling of flow was one of the first purposes of workflow orchestration via software control. The correct modeling of flow through a pressure-connected network of reservoirs, wells, and surface production facilities is essential for increasing of the efficiency of an oil field and can provide huge amounts of data needed for the correct control of production. Integration of various aspects of flow through the system has proved to be critical to the whole process and engineers were quick to realize just how much so.
Further refinement of the process set the foundations for modern digital oilfield solutions, like the ones FutureOn offers to its customers, but has also set up a future goal of complete automatization of the production, a system that can operate without any human input. Today’s systems have several aims: operational efficiency, workflow automation, data integration, production optimization, and decision support. All these are vital in the production process, ensuring that the output is carefully monitored and perfectly matched to the desired outcome.
FutureOn digital oilfield solutions have been at the forefront of the recent expansion of the market. The global digital oilfield solutions are projected to reach a market valuation of $54 million by 2028, according to the Future Market Insights. In their recent study, they claim that advanced It solutions are essential for the future development of not only existing oil fields and wells, but new ones as well.
In order for digitalization to succeed, an oilfield must have full network accessibility, including a dedicated radio channel. Wireless communications solutions are already in use in the Norwegian North Sea and the increase in efficiency has forced other companies to prepare for implementation or risk being left behind. The whole process revolves around a time-old premise of produce more with lower cost, but this time the gains are such that no company serious about its future can ignore the new technology. The partnership of Halliburton and Microsoft spearheading the effort shows just how important the whole process is when such giants are taking a keen interest in its development and implementation.
The process also leaves the companies open to some new risks, which need to be evaluated and dealt with before it can be fully implemented.
“However, with digital solutions comes the fear of being hacked, information leak, and cyber threat. Any threat to the oil and gas companies, will have a direct impact on the economy and security of a country. This is an important concern that IT service providers need to address to invite more oil and gas companies to adopt automation solutions,” says one of the researchers from Future Market Insights.