February 2018, Vol. 245, No. 2

Features

IoT and Digitalization of Oil and Gas Production

The oil and gas industry faces key challenges in both production and business environments. Capital expenditures across the industry are decreasing by roughly 20% annually, while at the same time the amount of data coming from the oil field can exceed 1.5 terabytes a day and threatens to overwhelm IT departments. However, through more efficient use of device data, advanced cloud-based data analytics, and automated application of corrective measures, the normal production decline of 10-15% annually could be slowed to as little as 5%. Additionally, facility capital costs can be reduced by up to 3% and operating costs lowered by nearly 25%. Digitalization of the oilfield represents both a cha

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