Digital Disruption: The future of oil and gas?
Published: 10 Feb 2017 By Grace Kimberley
There’s no doubt about the oil and gas sector being an operationally brilliant industry. The concept of extracting oil and gas has remained consistent for many years, but the need for digital enhancements has rarely been considered, nor widely desired.
But as we approach a year of (somewhat) resumed investment, we see oil and gas companies spending money on… not spending. With the uncertainty of the industry, even with the slight steadying of oil prices, sector leaders remain cautious. Oil & Gas companies now seek means to cutting future costs with real-time investments.
Digital Disruption, the term that represents the change in business models by the introduction of digital technologies, is taking over in a number of industries. The Renewables sector is investing heavily in the R&D of energy storage, which could enable the industry to become the most efficient means of generating energy, as well as the most environmentally friendly. Until the roll-out of energy storage, it will remain inconsistent and weather-dependent.
In terms of the oil and gas and petrochemicals industries, Digital Disruption could be an asset to cost reduction. According to global professional services giant, Accenture, the 2016 Upstream Oil and Gas Digital Trends Survey reveals that 80% of companies are looking to invest the same amount or more in digital over the next 3 to 5 years. These investments are most commonly made in the analytics of oil and gas operations. Not only will this, in the long term, significantly reduce costs, it will enable companies to make “better, faster decisions”.
It may seem like oil and gas companies are reducing the need for workers by replacing them with new digital systems. However, let’s not forget that these systems can’t install themselves. The heavy investment in tech may cut staffing requirements for the hands-on roles in oil and gas, but the demand for tech professionals is rocketing.
Digital Disruption isn’t just a topic of conversation. Energy Jobline has seen a 68% increase in digital roles since 2015, proving that energy companies really are stepping up the investment in tech professionals. And this is already showing its worth, with over half of Accenture’s OGDT Survey respondents claiming digital technologies have added significant or high value to their business.
Looking for a new role in the digital industry? Search the latest digital jobs on Energy Jobline today!