The Future of the Oil and Gas Industry Lies in IIoT

One of the biggest struggles for any industrial process plant is to keep innovating and optimising processes, all while reducing downtime and doing so in a way that provides a clear return on investment. When it comes to the oil and gas industry, the last few years have seen more and more regulations come into play at a time when oil and gas prices have been steadily dropping.

To remain competitive and profitable, the oil and gas industry must start to rethink the way it operates, which means that making use of advancements in technology must be at the forefront of innovation. This is where the Industrial Internet of Things (IIoT) takes centre stage.

While machine-to-machine (M2M) applications have been the bread and butter of effective and efficient plant operations in the past, gone are the days when basic inter-machinal communications were sufficient to keep up with the demands of the industry.

Many industries have already taken advantage of the benefits of IIoT; the oil and gas industry, however, is still lagging behind.

The benefits of IIoT in the oil and gas industry are numerous:

1. Remote Sharing and more data points
   IIoT allows for easier sharing of data from remote spaces, something previous technologies have been incapable of. Process data can be analysed at the edge while strategically selected information can be processed in the IIoT cloud and transformed into business intelligence dashboards for high-level management review. This can be done far away from the processing plant as connectivity between most instruments has become possible. With developments in technology, this also means that predictive maintenance on difficult-to-reach system parts can be done using sensor-level data collecting devices: revealing more data, decreasing downtime, improving safety, and inspiring optimisation.

2. Local De-centralisation & Cloud Centralisation
   In the past, information was locally fixed in one instrument/data server and required human input to integrate information from various static points. IIoT decentralises that information without the need for labour intensive data capturing, while also ensuring that selected key data is immediately transferred to the cloud. This real-time updating of information can help with predictive maintenance and optimisation of processes without delays in the process/production line.

3. Anywhere access
   IIoT ensures the seamless integration and storage of data obtained from the plant’s equipment into the cloud, which means access to information is possible from anywhere. The interconnectivity of the devices/systems used in IIoT also means that actions can also be fed through to system parts remotely, leading to more streamlined, automated processes that are prompted by changes in data. It also uncomplicates predictive maintenance.

4. Unreliable systems replaced
   As we are moving through the fourth industrial revolution, automation and digital communication is becoming the standard while old, wired communication systems are being replaced. Not only do the newer technologies make communication easier, but they are also much more reliable than older systems that may require more regular, manual maintenance.

5. Costs reduced
   Manual wired systems require regular maintenance and are quite costly to install. By opting for a solution that incorporates IIoT, great savings are made on the cost of infrastructure.

6. The future is IIoT
   Digitalisation, automation, and data-analytics are forming the backbone of current advances in a variety of industries. By utilising the benefits of IIoT, company owners in the oil and gas industry are also gearing themselves up for a future where more and more integrated technologies will start to make use of IIoT. By installing a new digital information infrastructure, industries can make sure that they are ready for future innovation.

IIoT will thus ensure that oil and gas processing plants can monitor their data to optimise their pumping activities, effectively maintain their pipes and tanks, prevent equipment failure and leaks, and monitor a variety of datasets to become more productive and more cost-efficient, which will lead to improvements in the design, operation, and maintenance of plant equipment.

Since most of the oil and gas industry is still not quite on par with other industries when it comes to IIoT, it also means that early adopters can stand out from their competition, leading to increased profits and a greater market share in the long run.

Cyntech has all the expertise to plan the best IIoT solution for your company to help you make the most of your operations and analytics. Are you ready to take your company to the next level with IIoT?

This is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your legal adviser for specific and detailed advice. Errors and omissions excepted. (E&OE)