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A new in-depth study shows that automation and digitalization initiatives could help the global upstream oil industry save up to $100 billion in budgets in 2020, and operators may realize savings in this area as service companies reinvent themselves
.
Norway-based Rystad Energy Research revealed in a recent report that "there may be varying degrees of savings in the budget for offshore, shale and regular onshore activities, but overall, thanks to automation and digitalization, savings of around 10% can be achieved through more efficient and productive operations
.
" ”
In 2018, about 3,000 upstream companies worldwide spent $1 trillion
on operating expenditures, wells, facilities and subsea capital expenditures.
Audun Martinsen, head of research at Rystad Oilfield Services, said: "Many important industry players are setting optimistic targets, but the realization of these plans will largely depend on how freely data is shared between companies and how business strategies are deployed to drive this development
.
”
Martinsen further explains, "As a result, it may be several years before we see widespread adoption of
digitalization.
However, based on our analysis of the 2018 CapEx and Operating Budget, we believe the savings could easily reach $100 billion
.
”
According to the study, global operators expect automation and digitalization to reduce drilling costs by 10 to 20 percent and facility and subsea costs by 10 to 30 percent
.
However, not all field development or drilling operations have the ability to
reduce costs.
A new in-depth study shows that automation and digitalization initiatives could help the global upstream oil industry save up to $100 billion in budgets in 2020, and operators may realize savings in this area as service companies reinvent themselves
.
Norway-based Rystad Energy Research revealed in a recent report that "there may be varying degrees of savings in the budget for offshore, shale and regular onshore activities, but overall, thanks to automation and digitalization, savings of around 10% can be achieved through more efficient and productive operations
.
" ”
In 2018, about 3,000 upstream companies worldwide spent $1 trillion
on operating expenditures, wells, facilities and subsea capital expenditures.
Audun Martinsen, head of research at Rystad Oilfield Services, said: "Many important industry players are setting optimistic targets, but the realization of these plans will largely depend on how freely data is shared between companies and how business strategies are deployed to drive this development
.
”
Martinsen further explains, "As a result, it may be several years before we see widespread adoption of
digitalization.
However, based on our analysis of the 2018 CapEx and Operating Budget, we believe the savings could easily reach $100 billion
.
”
According to the study, global operators expect automation and digitalization to reduce drilling costs by 10 to 20 percent and facility and subsea costs by 10 to 30 percent
.
However, not all field development or drilling operations have the ability to
reduce costs.
