Why oil & gas companies are still making IT investments

IT investment

Substantial IT investments continue to be made by oil & gas companies despite market challenges. Digital Oilfields USA and the Oil and Gas Monitor have published stats that show IT investments are still trending up among oil & gas companies. Here are a few of the highlights:

  • Oil & gas companies will spend up to $50 billion on IT investments in 2015
  • 80 per cent of those companies are planning to “reengineer processes and systems to optimize logistics, hedge risk and efficiently and safely deliver crude, LNG, and refined products by the end of 2017”
  • At least 80 per cent of industries involved in oil, metal, and mineral extraction are considering adopting mobile technology by 2025
  • Industry experts estimate that oil & gas companies will spend $8 billion on mobile apps alone by the end of the year

Energy companies are investing heavily in mobile apps for two reasons:

  1. Make better use of field data. Many oil & gas companies are still using manual processes to collect field data. Research shows that relying on paper-based workflows to collect field data prevents companies from turning that data into actionable insights, which in turn leads to lost opportunities and wasted resources.
  2. Juggle site compliance and improve productivity. Oil & gas companies are facing an increasing number of environmental, health and safety (EHS) compliance regulations, but need to balance meeting those requirements with production quotas.

Mobile IT investments allow field data to be sent to the office in real time, saving employees time they would otherwise have spent in transit. Submitted field data can be automatically connected to the recipient’s back office system, eliminating duplicate data entry tasks.

Managers can immediately access the data needed to quickly address productivity or compliance gaps, and Analytics tools allow them to easily identify deeper trends and long-term patterns.

Halliburton and Tanknology are examples of energy companies that have successfully deployed a mobile solution.

  • Tanknology’s mobile IT investment increased their field productivity by over 300 per cent.
  • Halliburton estimates that by taking a first step in digitizing its oilfield, operators’ were able to achieve 95 per cent uptime during the first month of production.

Your business could be the next to succeed with the right solution.

Learn what to look for in a mobile IT investment.

IT investment

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