Oil & Gas Trends for 2023
With the new year starting, industries are now looking to the energy sector for any new developments and market trends. What are some of the challenges and requirements for the O&G industry in the coming year? This year still sees potential volatility in the market due to the East European conflict still raging on, which continues to disrupt and tighten already strained supply lines worldwide. According to the O&G community portal: oilandgasiq, here are some of the trends to look out for:
There continues to be soaring demand for oil & gas, especially in regions affected by the war in Eastern Europe. Companies should be putting more thought into streamlining their operations and key refining processes to reduce overall output costs. This increase in operational excellence will also help companies remain profitable whilst maintaining their net zero pledges. Looking at this issue from a personnel point of view, "operational excellence" teams will be increasingly called upon to help deliver on sustainability initiatives as these teams will have the capabilities to deliver end-to-end process improvements across the business achieve market objectives.
O&G companies are empowering their operations through the use of "digital twins". Digital twins are virtual/digital representations of physical assets which allow oil and gas companies to import their assets, workflows, and organizational processes into a digital realm. In a way, this allows them to duplicate their physical processes into a digital model that they can use to run simulations, test models, and experiment with operational changes.
Digital twins have actually been around for a few years in many different industries already, but the capabilities of machine learning, big data analysis, and the exponential growth of AI has continued to improve decision making and forecasting within the industry. In order to remain profitable and to continue to deliver on demand for production volumes, digital twins and the use of autonomous data parsers will continue to see a rise.