Synergy Energy Resources

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Digital Transformation (DT)

Digital Transformation (DT or DX) is the use of new, fast and frequently changing digital technology to solve problems often utilising cloud computing, reducing reliance on user owned hardware but increasing reliance on subscription based cloud services. Some of these digital solutions enhance capabilities of traditional software products (e.g. Microsoft Office compared to Office 365) whilst others are entirely cloud based (e.g. Google Docs).

Digital transformation is fundamentally changing the way we all live, work and interact and is already disrupting almost every industrial sector.

“The oil and gas industry is on the brink of an acceleration in its digital transformation. Supermajors have been early adopters of digital technologies, with many already benefiting from large cost savings. Over the last five years we have seen the major oil companies experiment with Industrial Internet of Things (IIoT), cloud services, digital twins, machine learning, AI and robotics. A recent report by Ernst and Young highlighted that 75% of the oil and gas companies they surveyed are already implementing robotic process automation and 87% are using advanced analytics. 70% said they planned to implement IIoT in the next 18 months.

Through embracing these capabilities, supermajors have achieved cost reductions, enhanced operational efficiency and improved consistency – leading to better quality control, reductions in downtime, reduced risk and reduced manpower requirements in dangerous locations. The gains that the operator sees translate rapidly into either increased revenue or increased profits, reinforcing their appetite to invest in new digital technologies.

In 2017 the World Economic Forum estimated that the digital transformation in oil and gas had a total value of $1.5 trillion, with most of that focused on “asset lifestyle management”. While the prize is clearly large for the operators, a question mark hangs over how – and whether – this can be capitalised on by the large, fractured and complex oilfield services sector, who don’t see how they can obtain a good return on investment.”

Opinion above as quoted by Merlyn Gregory of Candour Energy

Our role is to identify, inspire, accelerate new technology. We are working to improve data-enabled business processes and accelerate the identification and evaluation of new innovative technologies that will drive our transformation.