Top 20 Oil and Gas Technology Companies - 2019
The oil and gas companies are facing significant difficulties in terms of continuous price volatility and inflationary costs on wages and raw materials and the increasingly stringent environmental standards. To sustain their supply of crude oil or gas, these companies are not only looking to extend the life of mature sites but also seeking new sources with complex and costly extraction, transportation and refinement. The companies aim to ensure complete reliability of their plants, eliminating any chances of unplanned shutdowns, increasing the throughput rate with secured industrial assets. To navigate through this fast-evolving environment, the oil and gas sector should embrace emerging technologies for increased productivity, safer operations, improvement in operational efficiency, safety, and cost savings.
To explore and forge new business models while maintaining the digital transformations, the oil and gas arena is leveraging innovative technologies like IoT, edge computing, and applying the “cloud-first” strategy for delivering growth amid today’s pervasive change. At present, most oil and gas companies are moving to cloud-based platforms to host their business applications in terms of areas like sub-surface, land, and production systems. The business trend is shifting toward 100 percent cloudification with the rising expectation on analytics and artificial intelligence (AI)-based applications to provide greater control and improved self-service. Moreover, oil and gas companies are using blockchain technology in areas like supply chain, logistics, trading, joint ventures, and production accounting to enable successful digital transformations and redefine the remit of data governance.
Further, asset performance management (APM) and “digital twin” initiatives are driving the development of innovative new solutions for managing critical assets across upstream and downstream operations of oil and gas companies. Augmented/virtual reality technologies are also playing significant roles alongside the APM tools and applications to reduce risk and improve reliability. The oil and gas companies utilize long-term programs and initiatives to ingest, manage and interpret asset operational data and performance KPIs in real time encompassing areas from sub-surface visualization to well-drilling to mid-stream pipeline corrosion and static refinery assets. Besides, real-time asset and worker tracking solutions are becoming mainstream with the oil and gas companies’ increasing focus on worker safety and productivity.
In addition, the adoption of 4D seismic technology is gaining momentum among the oil and gas companies to map and interpret potential hydrocarbon reserves in deeper waters. The increasing application of 4D seismic techniques in both exploration and production of oil and gas minimizes drilling risk and maximizes the ROI.
Although the significant technological innovations in the oil and gas market help businesses boost prosperity in their long-term growth and innovation agendas, CIOs find it difficult to choose the right partner among a plethora of vendors in the market.
To help CIOs navigate through the list of oil and gas solution providers, our distinguished selection panel, comprising CEOs, CIOs and VCs, industry analysts and the editorial board of CIOReview narrowed the 20 most promising oil and gas solution providers 2019 that exhibit competence in offering efficient solutions.
We present to you CIOReview’s “20 Most Promising Oil and Gas Solution Providers 2019.”