Thursday, August 3, 2017
While many industries have been transformed by the development of such new digital technologies as data analytics and artificial intelligence, the oil and gas industry has been a laggard. That is starting to change as the industry looks to new technologies to help it become more efficient and productive. The oil price downturn, which has put a premium on cost cutting, has accelerated the move to take up new technologies. The opportunity is significant, with a World Economic Forum report (pdf) from earlier this year claiming that the industry could generate 1 trillion dollars in added value over the next decade by embracing digitisation.
- Local communities in oil-producing regions face disruption as digitisation reduces employment and puts a premium on high-tech skills.
- The oil industry will be a significant new market for tech firms working on artificial intelligence, machine learning and automation.
- Embracing new technologies could help the oil industry attract younger workers, a key challenge as a wave of older talent retires.