How The Internet of Things is Powering The Oil And Gas Industry
The Internet of Things (IoT) is transforming the oil and gas industry at a rapid pace, with experts projecting that IoT solutions could eliminate unplanned well outages, boost crude output by 10 percent over a two-year period, and increase profits by nearly $1 billion for large O&G companies.
In fact, IoT applications in this industry are predicted to increase GDP by as much as 0.8 percent, or $816 billion, over the next decade. With so much potential, it makes sense why 62% of oil and gas executives are developing a digital strategy to transform their business.
In this white paper, we’ll explain how IoT technologies have delivered value for upstream, midstream, and downstream O&G companies. While this value can be achieved in a variety of different ways, we’ll examine the major IoT use cases for each of the main parts of the O&G value chain.