Business March 28, 2019 Last updated March 25th, 2019 678 Reads share

Future of IoT in Oil and Gas Industry

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Technology around the globe is changing quite faster in today’s date. In the huge technological advancement world, IoT is the household name that is a boon for many industries such as water, transportation, oil & gas, etc. In this post, we will discuss in detail about how IoT is helping the oil & gas sector to increase their efficiency and profitability.

Oil & gas is an industry that involves obstacles to be eliminated for getting higher revenues. Here the Internet of things comes into the picture. Smart devices are playing a vital role in enhancing the operational efficiency of the oil & gas sector worldwide. Stumbling blocks such as oil pricing, staff safety, receiving real-time data of oil tanks, etc., can be monitored effectively using IoT devices.

The significance of using IoT in the oil & gas industry:

Incorporating IoT in the oil & gas sector has enabled organizations in augmenting functioning. Sensors are able to receive and transmit data from equipment used in the oil & gas sector. Tracking of oil leakage is very easy with the proper use of sensors. The best part is that interconnected devices easily give instant notification to other equipment to check if it is about to malfunction.

It would not be wrong to say that the connected system offers good insights into the operational area of the oil industry, even at the remote place. Preventive maintenance is much simpler with the use of IoT smart devices. You can also eradicate many issues in oil tank like oil tank levels, oil pressure, etc., by integrating sensors embedded devices to give real-time data about the issues that arise and effects operations. Besides, IoT enhances efficiencies in monitoring equipment used in the oil industry so that whenever equipment wears out, then concerned person will be aware of it just well in advance and take measures to fix the problems in equipment to avoid downtime. Smart devices are quite effective to give the data about an exact number of supplies in the inventory.

Oil & gas industry getting digitized:

Internet of things technology is constantly enhancing the efficiency, profitability, and revenues of the oil & gas sector. Furthermore, feature-rich IoT devices integrated with cloud enables managers working in the oil & gas industry to easily monitor their staff’s performance.

IoT is advantageous in different areas of the oil & gas sector:

#1 Pipeline safety measures:

Pipelines play a vital role in transporting crude oil in huge quantities. Problems associated with pipelines are human mistakes, unwanted leaks of oil, corrosion, fissures, etc. These soul-crushing problems can lead to malfunctioning of oil pipelines. Another factor to keep in mind is constant monitoring of the pipeline’s temperature that can eventually balance the levels of water & oil to decrease any mishaps. IoT smart devices are effective in giving alerts related to problems in pipeline well in advance so that managers can fix problems before any mishap takes place. Oil & gas sector must unleash the true potential of IoT for enhancing the safety of pipeline functioning. For less human intervention, it is essential to assess the risk associated with pipelines which in turn gives good safety to workers because mishaps will be kept at arm’s length with the use of IoT devices.

#2 Reducing the downtime of machinery in the oil & gas industry:

The time during which machinery and equipment are not operating in the oil & gas industry leads to loss of production for business owners. IoT devices are effective for decreasing machine downtime and keep production running. Internet of things technology helps in predictive maintenance of equipment used in the oil & gas industry.

With the onset of the oil & gas industry incorporating with IoT enabled devices, managers are able to monitor the functioning of equipment parts effortlessly through web & mobile app. It prevents the breakdown of machinery to a lot of extents.

#3 Reduces problems in drilling:

Drilling is another major part of oil & gas industry procedures. Internet of things is a boon for enhancing the efficiency of this sector with each passing day. Rigs put to use for drilling resources that are very tough to reach. As the rig goes deep, it leads to unwanted and hazardous circumstances. It is essential on the part of rig operators to take precise measurements to extract oil from the drilling method. If deepwater drilling is performed in the wrong way, it further leads to mishaps arising. IoT devices are beneficial in this regard for minimizing unnecessary risk and carry out tough operations seamlessly in the Oil & Gas industry. Smart devices also alert managers well in advance about any drilling errors by data received from sensors.

#3 Tracking assets in oil & gas sector are important:

Asset monitoring is vital in the industry like Oil & Gas. When it comes to oil exploration from the sea, asset monitoring leads to minimal use of costly rigs and preventive maintenance helping to ensure smooth functioning of all the parts in equipment. Moreover, oil pumping can be carried out smoothly with the use of IoT devices and it minimizes operational costs to a lot of extents. With the onset of oil exploration, oil & gas industry is required to monitor all materials purchased for carrying out procedures of oil extraction from the sea. Smart devices provide regular data about inventory, maintenance and safety measures to handle the tasks efficiently in the oil & gas industry.

IoT is paving the way for the oil & gas sector:

Internet of things is playing a crucial role in providing a competitive advantage to business owners running oil & gas industries. Benefits of using IoT in the oil & gas sector are:

  • The decrease in equipment failure and downtime
  • Increases the safety of staff working in the oil & gas industry
  • Predictive maintenance helps to fix issues in any equipment in advance

Closing Thoughts:

So, in a nutshell, it can be concluded that internet of things is playing a crucial role in taking oil & gas industry to the next level by numerous advantages that can enable business owners to increase revenues and profitability. If you are looking for an end-to-end IoT solution then feel free to contact us, and we will assist you further in choosing the right solution as per your business needs.

 

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Sanjeev Verma

Sanjeev Verma

Sanjeev is the Chief Executive Officer (CEO) of Biz4Intellia, responsible for leading Biz4Intellia’s global business strategy and operations. Being an Internet of Things (IoT) enthusiastic from the beginning of its professional career, Sanjeev loves to read and write blog/articles related to the disruptive technologies that are trending. Before founding Biz4Intellia, Sanjeev was an executive at multiple companies in the USA and has a great experience of making many industry verticals productive.

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