We are witnessing some fundamental changes in the oil and gas industry, especially in North America, that redefines how energy businesses occur.
Some of these developments are made possible with the low oil prices that redraw the energy industry’s corporate position map and leave a profound impact on the commercial vehicle markets in many different cities of the U.S.
Global oil and gas hubs such as Houston and Calgary face a surplus of empty office space after waves of layoffs, bankruptcies, and mergers in the industry. However, the industry is modernizing for good, opening-up various opportunities for individuals with technology know-how.
On the other hand, the global oil & gas industry may face a significant labor shortage in support services, field activity, maintenance, and integrity inspections due to the current travel ban and quarantine measures. This gave rise to the fossil fuel industry-leading to harvest, discover, manufacture, transport, and distribute fossil fuels in agile ways. At the same time, businesses need to maintain minimal human interference and obey local government norms related to the pandemic. It is also critical to use the right technology to collaborate and manage leaner remote staff that can effectively execute, schedule, and mitigate risks.
Such situations make it critical for organizations to concentrate on generating value with dispersed teams. The skilled workforce for the oil & natural gas industry must be able to have
• Availed with an on-site employee risk reduction system in confined areas.
• Maximizing the contracting functions and maintenance costs for dispersed activities.
• Monitoring general safety movements using employee data.
• Automating social distancing duties and reducing interaction between individuals.
• Implementation of flexible working conditions to minimize staff proximity to each other.
• Getting the benefits of skill enhancement program within the shared ecosystem to solve sophisticated issues.
• Space as a gas industry staff to represent clients and to fulfill tasks for core business continuity.
• Use of personal safety, grooming, and distancing standards tracking equipment.
• Gasoline retailing and digitization blending the related convenience stores to increase sales.
• Leveraging the speed and convenience for product selection and receipt, increase value offering, and resolve customer behavior post-pandemic.
Oil and gas businesses are shrinking size by leveraging technology.
At the critical juncture, oil and gas enterprises move towards slimmer, more flexible immobilization portfolios dealing with tighter budgets and modern working forces that involve flexible work and collaboration.
The current down cycle is witnessing a massive change in the oil & natural gas industry. They are cutting costs to downsizing the real estate and looking to function within the redefined infrastructure where the primary choice is subleasing the space.
Today, market conditions are ready for businesses that are good at managing a remote workforce in a pandemic. The skilled workforce for the oil & natural gas industry is leveraging the competitive formats and flexible lease terms to switch to new spaces. Such changes bring in a gamut of differences in traditional business functions in the oil & gas industry.
Enhanced operational visibility
The wearable and enhanced reality solutions will redefine the way engineering, procurement, and construction industry works. And with that, the refinery and pipeline network operations also change by enabling a real-time view of operational information and asset maintenance.
Wearables and enhanced real-time solutions can be introduced in the oil & gas industry as well. In turn, this will help to remotely manage and repair assets while allowing businesses to work dispersed, guaranteeing protection, reducing the need to travel, and dependency on the office infrastructure and other operational costs.
Digitizing the assets and inspection the pipeline
The USA’s staff augmentation service can be utilized for the oil & gas industry as businesses use satellites and drones to remotely monitor and detect anomalies. They can also manage isolated assets and pipeline networks and the working environment through multiple hyperspectral and thermal images. Analytics and algorithms will also allow businesses to identify anomalies and predict temporal and location probabilities while maintaining minimum on-site workers.
Exhaustive training of 3D models combined with real-time operational data and voice-based navigational instructions can increase the ROI of utilized equipment. This also promotes real-time communication and eliminates excessive movement with colleagues and experts as most learning can happen without.
The industry’s footprint will continue to grow as the oil & gas industry tap into I.T. services. The new markets are emerging, and retrieval clusters are gripping up to suit the evolving needs of energy companies in the future.
Given the rapid progress of all efforts, it will be some time before the market leaders are well prepared to deal with all the consequences of reopening the economy. In the last few months, societies and organizations have advanced with social distancing, dispersed activities, online meetings, collection of virtual goods, and purchasing opportunities to adapt to this next step of normalization. Such changes are also pushing traditional industries like oil & gas to benefit from robotics, AR-VR wearables, and modern I.T. infrastructure.