If the best Software Pipeline and Measurement Canada has one rule, it’s that corporations must be prepared for everything, from price swings and politics to severe weather and worn-out equipment. Companies must have precise visibility into their operations at all levels in order to make proactive and cost-effective choices. At the same time, the definition of “cost-effective” is always evolving. While the price of oil per barrel has rebounded from the 2016 lows, it is now down from previous 2019 highs and may not approach $100/barrel anytime soon.
The apparent lesson here is that businesses must be prepared to adapt and innovate in order to be as efficient as possible. Recently, such innovation has depended on specialized technology — the Internet of Things’ more ubiquitous and inexpensive sensors and gadgets (IoT). This Internet of Things technology can collect, transmit, and use data — and it’s already making ripples in the oil and gas business. Predictive maintenance, remote monitoring, and risk reduction are all benefiting from IoT-enabled data. In these uncertain times, however, the sector must adapt even more in order to digitally change. It’s time to use real-time data to make better decisions throughout the supply chain.
How the Internet of Things is Already Helping the Oil and Gas Industry
In the past, the Pipeline Data Optimization was slow to incorporate digital technology and data. However, as profit margins have shrunk, there has been a greater internal pressure to install IoT devices. Here are some examples of how low-power sensors and edge computing are already improving visibility and efficiency:
Predictive maintenance and equipment management
Oil and gas businesses have a lot of vital — and expensive — equipment in play due to their intricate operations. Real-time data insights may direct how that equipment is utilized, ensuring that resources are effectively deployed. A strategy might come to a stop if there is an unforeseen gap in available equipment. Overall, the utilization of sensors to detect current position and resource consumption gives much-needed visibility.
Perhaps more importantly, improved data can assist a more precise approach to diagnoses and repairs. It is less costly to repair equipment using predictive techniques – a crack is less expensive than a complete break. Preventing downtime pays dividends immediately. For example, if the pump malfunctions, it might cost up to $100,000 per hour. These expenditures might have been easily avoided by employing IoT sensors to monitor pump condition. Simultaneously, sensors can tell you whether your equipment is in good working order, allowing you to prevent unnecessary component swaps or expensive repairs.
Remote monitoring and tracking in real time.
Remote monitoring is another important characteristic of IoT devices that notably assists the oil and gas sector. Companies have already started to use this capability to manage operations in a variety of difficult-to-access and low-connectivity situations, such as offshore rigs and cargo ships.
Many facilities now incorporate real-time sensors that monitor concerns like as tank levels, pressure, and flow rates, allowing for speedier troubleshooting. The benefit of remote IoT devices in particular is that you may monitor several assets at the same time without adding human work. Operational efficiency improves without the need for additional difficult-to-find talent. Furthermore, having a real-time overview of all this data, as well as automatic notifications on major changes, enables businesses to identify links between occurrences and undertake more effective forecasting research. (Consider multi-factor, cumulative concerns like as liquid loading, which shut down may well output if not detected early.)
Reduced environmental and safety risks
Oil and gas firms spend a lot of money and time managing risk, and for good reason: the list of safety and environmental concerns involved with production is long. However, utilizing IoT sensors to monitor equipment conditions may help businesses reduce risk, avoid harm, and lessen corporate responsibility.
Many human safety risks, such as explosions, fires, and machine dangers, might be prevented with better understanding of present equipment conditions. The correct IoT data might alert employees that some regions are too risky to visit. Furthermore, the capacity to watch some activities more precisely, such as deep-water drilling, may aid in avoiding situations that result in human damage. If you have real-time data on drilling problems, for example, you may stop production before an issue occurs.
Similarly, incidents ranging from pipeline leaks to oil spills may result in huge penalties and considerable reputational harm. Smart businesses are investing in IoT-enabled proactive monitoring, replacing human inspections on pipelines, pumps, and filters with more efficient and accurate automated checks.