Oil & Gas: Revamping Upstream, Midstream, and Downstream Segment with IIoT
The technology we are talking about is the Industrial Internet of Things (IIoT), which basically consists of sensing, communicating, and analytics capabilities, and has been simmering for a while.
There cannot be any one-size-fits-all IoT solution for an industry as diverse as Oil & Gas. But there are business objectives behind IoT adoptions: Optimizing Operations, improving reliability, and Creating new value. Each segment of the Oil & Gas industry can reap the greatest benefits from their initial IoT efforts in one of these objectives.
Upstream companies focused on optimization can achieve new operational insights by utilizing a varied set of data. Midstream companies seeking new commercial opportunities and higher network integrity will realize a significant benefit by building a data-driven infrastructure. Downstream players will be able to boost up their revenues by expanding their visibility into the hydrocarbon supply chain.