An excellent post from Mike Riegel talks about how things have changed between the Tech industry and the Oil and Gas Industry over the past 20 years. The conversations he once had with his father-in-law who was at Mobil Oil have changed dramatically since the nineties. Oil companies are now ‘Digitizing’:
- The Digital Age has come to the Oil industry, and despite the current downturn, the most visionary companies will have the opportunity to transform their business models for future growth.
- The recently released report: “A New Reality for Oil & Gas – Complex Market Dynamics Create Urgent Need for Digital Transformation” makes it clear that the move to a Digital Business and the adoption of Internet of Everything is the way forward for the industry and for the global economy.
- IT and OT (Operational Technologies, sometimes called Automation Control Systems/ACS or Industrial Control Systems/ICS) need to become more aligned out of their silos.
- Biggest issue the industry faces is the ‘data-deluge’ – there’s a need to do deal with sensor and other data both in real-time at the source (usually the edge of the network) and that stored away in huge historians. Analysis of historical and real-time data is an imperative.
- The US is well positioned to be the ‘swing-producer’ in the market as a result of their agile adoption of IoE, and the successful companies will take advantage of the market dynamics to invest, whilst others will cut costs, investments and retrench, falling behind. This week at CERAWeek we’ll hear from Marcel Cappetti about that (Wednesday at 11:20 AM).
Check out the full post from the IoE Blog channel here:
20 Years Hence – What Do Oil, Dating, Digital, and Analytics Have In Common?
Mike will no doubt get feed back from his father-in-law this weekend and hopefully we’ll get a report back!
As always, let us know what you think!
Tags: A New Reality for Oil & Gas, a new reality for oil and gas, CERAWeek, IoE, IoT, Marcel Cappetti, Mike Riegel, oil & gas, oil and gas
This is a big week for the global energy industry, as thousands of energy leaders, experts, technologists, and policymakers gather in Houston, Texas, for the 34th annual CERAWeek conference, the premier international event for the industry. As a corporate sponsor of the event, it’s also a big week for Cisco.
Just last week, Cisco released a new report focused on the need for digital transformation in the oil and gas industry. Based on a survey of oil and gas executives, analysts, and consultants in 14 countries, the paper validates CERAWeek’s “oil day” theme, “Turning Point for the Oil Industry.” For forward-thinking oil and gas companies, the price volatility and turbulence in the market could represent a turning point toward true digital transformation. Read More »
Tags: analytics, CERAWeek, Cisco, collaboration, cybersecurity, digital, Disruption, IIoT, Internet of Everything, IoE, IoT, IT-OT convergence, oil and gas, oil prices, operational technology, OT, transformation
With the United Nations’ International Girls in ICT day fast approaching on April 23rd, this is a great opportunity to discuss how we can get young women involved in careers in technology. Cybersecurity is an ever-present issue with companies and individuals suffering attacks daily. At Cisco, we believe that protection from threats does not rely on a single technology or solution, it incorporates both the processes and of course, the people. It is predicted that by 2017, an additional two million security professionals will be needed, but what many young people – particularly women – underestimate, is how rewarding and far-reaching a career in cybersecurity can be.
Taking, the UK as one example, cybersecurity employs 40,000 people and is worth £6 billion to the economy. Yet according to the Cisco 2014 Annual Security Report, more than one million positions for information security professionals remain unfilled around the world. What’s more, is that female cybersecurity staff only account for 11 percent of the global workforce. In Europe, the figures are even worse, coming in at only 7 percent .
Today there still remains a notion that IT is a “man’s job”. Women thinking of applying are often dissuaded as they may lack the confidence needed at the very start to pursue this career path. Yet, not only is this job market growing, but these jobs pay higher than other industries. We must do what we can to encourage young women to be fearless and pursue these fields of study, because they add new perspectives in the workplace that benefit business outcomes.
Read More »
Tags: cybersecurity, education, Girls in ICT, girls in ict day, IoE, stem
If you could look into the future and get information about when your car might break down, or your water heater leak, you would probably find it very helpful. The information would allow you to take care of any potential problems before they actually develop. Many industries are now taking advantage of this kind of predictive knowledge, made possible by sensor technology, which allows for remote monitoring of assets. Read More »
Tags: CiscoFocus, Connected Energy, Energy, InternetofEverything, IoE, IoT
If ever there was an industry and a time that epitomize “disruption,” it is the oil and gas industry today. Price declines of more than 50 percent since June 2014 have upended the sector, and dominate the agendas of industry executives. In fact, a new Cisco study identified “energy price volatility” as the external market force causing greatest concern for the industry today. The study, “A New Reality for Oil & Gas: Complex Market Dynamics Create Urgent Need for Digital Transformation,” shows an industry ripe for transformation by the Internet of Everything (IoE).
In the past, oil and gas (O&G) companies have attempted to address oil-price declines by resorting to short-term cost-cutting measures to see them through the slump. But this time is different. For one thing, it does not appear that prices will recover any time soon—if at all. Demand is down, and new production technologies are driving efficiencies that will increase production and keep prices low for the long term. This time, O&G firms will need to do more than cut costs – they’ll need to change their operating models through digital transformation.
For the study, we interviewed oil and gas executives, consultants, and analysts in 14 countries about the industry’s challenges, opportunities, and priorities. These experts identified intelligence from data as the key area needed to improve operational efficiency, and data analytics as the No. 1 driver of faster, better decision-making.
Additionally, the survey named faster problem resolution, better process control, and improved worker safety as the top three business benefits of IoE-powered technologies. The top three IoE-driven operational benefits were improved production efficiency, reduced downtime, and equipment performance optimization.
As an industry, oil and gas has been “digitized” for some time. True digital transformation, however, now requires adoption of the Internet of Everything — the networked connection of people, process, data, and things — throughout the value chain. Innovative firms are using today’s turbulent market landscape as an opportunity to grab competitive advantage by harnessing new IoE technologies. Read More »
Tags: analytics, CERAWeek, Cisco, Cisco Consulting Services, data, Digital transformation, GDP, Internet of Everything, IoE, oil and gas, oil price volatility, value at stake