Geoffrey Cann shares how digital technology companies like EZ Ops are transforming capital projects.
The oil and gas industry spends hundreds of billions each year on new capital projects. An effort by a group of international producers should eventually improve the efficiency of that spend, including on workforce management.
With most workers now carrying one or two supercomputers on their person, industry can now bring valuable data directly to the worker through digital oilfield solutions like EZ Ops software for field management operations.
Technology companies supplying the industry are already rapidly adopting digital tools to stay competitive. Brownfield assets are going to slowly adopt digital tools because of operating constraints (short outage windows to make change, management of change process). Capital projects have the opportunity to drive change precisely because they are greenfield, and specifically the short duration capital cycles in unconventional areas.
Over the next ten years I expect to see some oil and gas companies distinguishing themselves with new business models that are digitally led. With its substantial spend, oil and gas companies could become one of the leading advanced digital technology industries globally.