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Wednesday, September 30, 2020

Data emerges crucial component of Post-COVID-19 oil industry recovery - ITREALMS

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The ‘Leveraging the Power of Technology for Oilfield Optimization’ webinar was organized by Microsoft in partnership with Africa Oil & Power and the African Energy Chamber, reports ITREALMS.
Participants also foresee lower production costs are paramount to a revamped global oil sector with technology to spearhead cost reductions. 

Just as the COVID-19 pandemic has accelerated technology adoption as an integral component of oil and gas projects.

During a webinar organized by Microsoft and Africa Oil & Power under the theme ‘Leveraging the Power of Technology for Oilfield Optimization’ on Tuesday, panelists examined how digital applications are capable of uniting real-time data with advanced analytics to improve decision-making and boost efficiency and sustainability. As oil and gas companies continue to face threats to efficiency, sustainability and profitability, digitalization and optimization of oilfield assets have emerged as principal cost-cutting mechanisms in the wake of the COVID-19 era.

According to Vaseem Khan, Global VP Digital, Analytics and Innovation and Chief Innovation Officer, McDermott, Africa has the opportunity to leapfrog traditional oil and gas operations thanks to technology.

“Technology is an enabler for sub-Saharan Africa to become more competitive and become one of the most prominent producing area globally,” he said.

Multi Cloud Specialist at Microsoft, Dizando Norton, presented to the large virtual audience Microsoft’s initiatives to boost technology adoption in the oil and gas industry while lowering carbon emissions footprint in line with Paris Climate Agreement. “By 2030, Microsoft will be carbon negative, reducing emissions by more than half. By 2050, Microsoft will remove all the carbon the company has produced since its founding in 1975,” he noted.

Microsoft is collaborating with Chevron and Schlumberger to deploy optimized technology-based processes looking to accelerate data analyzing, thus triggering new exploration opportunities and speed up time to first oil.

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