(6th-March-2021)
Carbon footprint control
• With efficient management and working of the plant, the carbon emissions generated by them can be reduced significantly. IoT helps lower the environmental footprint generated by oil drilling and production operations. Oil and gas companies can thus carry out their moral responsibility of not impacting the environment in a harmful way while carrying out operations.
Supply-chain management
• It has always faced the problem of inventory planning and optimization. IoT helps in efficient planning and scheduling in the supply-chain process.
• Refineries can use sensors to detect the blends of crude oil incoming and the exact location where the barrels are stored. This data proves valuable for operation and production decisions. The use of IoT in oil and gas supply management chain brings transparency and authenticity to the industry.
Increased revenue
• The leading organizations are seeking strategies to help maximize efficiency and improve their profits. Focusing on short-term cost-cutting measures can hamper long-term business success. Investing in IoT will ensure companies are more successful in reducing their operating costs. Improving efficiencies, the demand and supply predictions, and streamlining expensive processes can be achieved significantly with IoT solutions.
• Minimizing the unnecessary expenditure in terms of capital and human resources can help companies cut down on operating costs significantly.
EOR
• Discovering new oil fields is the most effective way to increase oil recovery, but it is not so easy to find. For this reason, major oil majors have been focusing on leveraging existing oil fields since the 1980s with the Enhanced Oil Recovery (EOR) method, which is a method for efficiently recovering crude oil.
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