Strategic Intelligence: Cloud Computing in Oil & Gas

Cloud computing is a highly disruptive and important technology for the oil and gas industry. Key industry issues, such as health and safety, an aging workforce, the need to reduce greenhouse gas emissions, and the maintenance of high-tech equipment, can be addressed through the adoption and integration of cloud-based technologies.

The cloud in energy market will be worth $54.6 billion by 2028
Cloud computing refers to computing delivered as an online service, and it is now the dominant model for delivering and maintaining enterprise IT resources. It encompasses the provision of IT infrastructure, operating software, middleware, and applications hosted within a data center and accessed by the end-user via the internet. In the oil and gas sector, there is widespread use of infrastructure as a service (IaaS), platform as a service (PaaS), software as a service (SaaS) models, and managed cloud services. According to the analyst forecasts, the market size of cloud computing in the energy sector will grow at a compound annual growth rate (CAGR) of 20.9% between 2023 and 2028, from $21.2 billion to $54.6 billion.

Cloud computing transforms data into valuable insights

Cloud computing is a highly disruptive and important technology for the oil and gas industry. Remote upstream oil and gas sites and assets that often lack a sufficiently strong or reliable internet connection benefit greatly from hybrid cloud services. SaaS can help a business throughout its upstream, midstream, and downstream divisions, whether it is to digitalize oilfields and refineries or to improve its logistics management.
Fundamentally, cloud computing offers oil and gas companies flexibility and scalability. However, the vast amounts of data generated from sites and assets pose a challenge to operators. Cloud computing helps them manage this data, transforming it into valuable insights. Additionally, it serves as a vital prerequisite to other technologies, such as artificial intelligence (AI), the Internet of Things (IoT), and augmented reality (AR). These technologies enable effective data collection and analysis, facilitating predictive maintenance and reducing unscheduled downtime.

Cloud computing is the solution to various industry challenges

Cloud computing will enable oil and gas companies to effectively adapt to various challenges. Key industry issues, such as health and safety, an aging workforce, the need to reduce greenhouse gas emissions, and the maintenance of high-tech equipment, can be addressed through the adoption and integration of cloud-based technologies. The extensive data generated by equipment and historical performance can be stored and analyzed in the cloud, enabling predictive maintenance that reduces the risk of costly downtime and equipment failure. Cloud adoption will increase oil and gas companies’ resilience, ensuring profitability in the future.

Key Highlights

• The oil and gas industry is currently under pressure from fluctuating oil prices, increasing regulatory requirements, and the energy transition. Future of work technologies could give companies a competitive advantage and allow them to circumvent these challenges. Key technologies that should be prioritized include AI, IoT, connectivity, and robotics, which can significantly enhance operational efficiency and safety.
• Automation can help improve health and safety in the oil and gas industry by reducing the need for human intervention in high-risk tasks. Robots are increasingly used for tasks such as pipeline inspection, maintenance of equipment in confined spaces, and handling of hazardous materials.
• The oil and gas industry is facing a workforce shortage. As older workers retire, digital technologies are crucial for knowledge retention. AR headsets allow oil and gas companies to document maintenance and repair tasks, which will be vital in training the next generation of workers.

Scope

This report provides a comprehensive analysis of the future of work in the oil and gas industry including:

• How cloud computing will help tackle four key oil and gas industry challenges
• Which cloud computing services companies across the oil and gas industry value chain should invest in, explore, and ignore
• Leading adopters and specialist vendors of cloud computing in the oil and gas industry
• Case studies

Reasons to Buy

• The analyst's strategic intelligence ecosystem is a single, integrated global research platform that provides an easy-to-use framework for tracking all themes across all companies in all sectors.
• This report is essential reading for senior executives to understand how the oil and gas industry will be transformed by cloud computing, ensuring your company does not get left behind.