Drones and digital tech will assist oil industry

Drones and digital tech will assist oil industry

Drones and “intelligent pipelines” will become established tools to assist oil and gas operations within the next few years.  

Drones will be able to identify leaks on oil and gas platforms, monitor underwater vehicles inspecting well equipment and their software platforms will be able to generate data for analysis.

Lorenzo Simonelli, CEO for GE Oil & Gas (LSE:GEC) said many of these components have already been established including ConocoPhillips’ (NYSE:COP) use of predictive analysis at its Darwin LNG asset.

“Every industrial company needs to become a digital company,” Simonelli explained. “The industrial internet is going to be far bigger than the consumer internet. Think about the opportunity that you can get now by being able to gather that data and reduce unplanned down time. That’s where the vision is.”

According to GE, unexpected outages at LNG assets cost US$11 million per day, costing producers an average loss of $150 million a year in unplanned outages.

David Pyke, regional head of oil and gas at Siemens (ETR:SIE) said that electrification and digitalisation are being used in Queensland to help maintenance schedules for gas equipment at three LNG projects.

Pyke also stated the ability to predict equipment failure can allow action to be taken to avoid it, saving time and money.