Top Three Trends in 2024 for Oil & Gas Companies
In this article
The new year has taken flight, and most of us have begun to take steps toward resolve. We know the changes we need to make and we set out to achieve them. But what does that look like for the oil and gas industry? One thing is for certain: This industry is overdue for reinvention to keep pace with our digital new world.
The push to digitize and undergo digital transformation has forced oil and gas companies to adopt a digital-first business strategy, which should really shake things up. Surviving this shift alone can feel challenging. But facing it head-on and coming out on top? That can feel next to impossible.
WWT's oil and gas practice works with hundreds of global industrial customers to help them tackle the most difficult of business challenges and arm them with the right tools and strategies for digitizing their infrastructure and thriving in this rapidly evolving industry.
Key industry objectives
- Implementing the digital oilfield market, which comprises data analytics, cloud computing and the Internet of Things (IoT), will cost the industry billions of dollars.
- Low-code and no-code (LCNC) tools can power digital transformation efforts, allowing well-testing operators, offshore technicians, and oil field workers to build the solutions they need without waiting for IT; these tools enable faster application deployment and reduce process completion time. Gartner reports that by 2025, 70 percent of new apps will be built using LCNC tools.
- AI and ML technologies will improve efficiencies and safety, reduce risk, put insights into action and save money. It's all about figuring out which solutions are best and how to most effectively integrate them without disruption and downtime.
In addition to market research that supports our practice, our thought leadership in deploying the latest technologies is helping to propel the world's largest oil and gas companies to the next level. With deep expertise in designing and delivering comprehensive global oil and gas solutions, we've set apart three trends that will help drive this industry into a promising future.
Advanced data analytics, AI and IoT tools have become indispensable for oil and gas companies to enhance drilling operations, refine reservoir modeling techniques, anticipate equipment malfunctions and streamline everyday tasks. Through these technologies, businesses can achieve optimal efficiency while minimizing human intervention.
WWT has established itself as a facilitator of digital transformation, helping leading organizations in the oil and gas industry enhance their data capabilities and technology stacks. This involves promoting efficiency, safety measures and financial benefits. Through a range of IT solutions, WWT helps customers transform operational data into valuable insights for more informed decision-making processes.
Many organizations in the oil and gas sector are expanding their range of investments to encompass sustainable energy alternatives. This strategic move involves allocating resources toward biofuels, hydrogen production, as well as technologies, aimed at capturing and storing carbon emissions.
WWT specializes in offering expertise and guidance on technological advancements and solutions related to an array of environmental, social and governance (ESG) initiatives, including solutions to effectively oversee and regulate carbon capture systems. We actively promote sustainable energy practices by helping organizations pursue environmental objectives and facilitating a smooth transition to cleaner sources of power generation.
Trends in this field include the implementation of computerized drilling systems, mechanized machinery, remote connectivity and robotics in various aspects of oil exploration and production. These advancements are not limited to offshore and onshore operations but also extend to midstream and downstream activities with the aim of improving effectiveness, ensuring safety measures and achieving precise outcomes.
WWT has the capability to support oil and gas companies by implementing cutting-edge robotics and AI technologies, which can automate complex tasks while reducing human involvement and potential risks. With a deep understanding of the importance of safety and efficiency in the oil and gas industry, WWT demonstrates its commitment to providing advanced automation solutions that guarantee uninterrupted operations with utmost resilience.
For oil and gas companies, 2024 should be an exciting time for the digital oilfield market, driving new efficiencies and fostering innovation. With a little bit of adaptability and resilience — and the help of WWT's seasoned oil and gas experts — it's possible to harness the power of these trends to shape a successful future.
We are ready to help you along the path of immersive innovation and progress. Let the future be less about surviving the digital shift and more about leveraging it to thrive for many years to come.
With WWT by your side, the future is yours.