Data to play an increasingly important role in the oil and gas industry

Data will prove to be a key factor in unlocking the full potential of the oil and gas industry, especially as it moves towards a more sustainable future, experts said at the 2021 Gastech exhibition and conference.

The event, which opened its doors on Tuesday, brings together over 15,000 global industry professionals live and in-person, for the first time since the Covid-19 pandemic began. It is being held under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai and is supported by the UAE’s Ministry of Energy and Infrastructure

Running until Thursday, Gastech 2021 will feature three days of influential strategic conference and technical sessions and an industry leading exhibition, enabling the gas, LNG, hydrogen, and energy industry to engage face-to-face with the challenges of environmental agendas, leveraging technology and new ways of working to match changing market requirements.

Christopher Hudson, president of dmg events, the organisers of Gastech, said that the event will address the hard facts about the transition to net-zero carbon emissions and the enormous challenge the industry, regulators and end users will have to embrace to meet the commitments of the Paris Accord on climate change mitigation and in drawing up the roadmap to a carbon neutral and sustainable future. “At the same time, Gastech’s exhibition will showcase the latest digital technology and solutions that will positively impact gas, LNG, hydrogen, and energy industry operations for years to come.”

“Technology is continuing to play a bigger and bigger role,” said Peter Weckesser, chief digital officer at Schneider Electric. “When we think of technology, there is a lot of talk around data and we often hear the term that data is the new oil. Data will play an increasingly important role in the oil and gas industry, and we at Schneider Electric are committed to that. What will be important in the digital transformation of the industry is the ability to collect data efficiently and then to derive smart decisions out of that data.”

There are multiple technologies which are being used to achieve this, he explained. Chief among these technologies is Artificial Intelligence. “AI is an emerging technology that takes advantage of all the technologies of data collection and then really creates insights into that collected data at scale. This allows decision makers to make better data-driven decisions. What is really required is a combination of skills to properly utilise AI to its best level of benefits at scale.”

Asked about the shift towards sustainability in the industry, he said that Schneider Electric embarked on its sustainability journey around 10 years ago. “We want to utilise the capabilities that we have to help our customers move towards more sustainable solutions in their day to day operations. We all know that we need to be using less energy in the future, and the energy itself needs to be re-consumed more efficiently. One key element will be creating the right level of transparency in our energy production and energy consumption and the whole carbon footprint that is created along the lifecycle of a product or an application.”

He added: “In many industries, digital transformation is only in its beginning stages. We really believe that sustainability and digital are two sides of the same coin; they have to go hand in hand and digital will be one of the key enablers to drive a more sustainable future, not just in oil and gas, but in other industries as well.”

rohma@khaleejtimes.com