Definition - What does Digital Oilfield mean?
Digital Oilfield is a section of the energy industry which has incorporated advanced software and data analysis techniques to its operations so as to provide better outputs and improve the profitability of the production process. Digitization of an oilfield is the focusing of IT on improving the business drivers, which includes improving safety, optimizing production rate of hydrocarbons, environmental protection, finding reserves and exploiting them to the fullest. In business terms it may be taken as the deployment of resources (man and machine) to bring cost-effective and efficient results.
Petropedia explains Digital Oilfield
The Digital Oilfield technology got adopted in early 2000 in the oil and gas industry. With the increase in technology and globalization, the business needed a wide check. Keeping great results and environment in mind, the industry also had to keep harmony amongst the global employees. The Digital Oilfield is a perfect example of technology helping in the betterment of the process and automating the execution of tasks performed by the drilling teams. The major advantages that a business firm can have using Digital Oilfield are:
- Improved decision making.
- Increase in Return on investment.
- It maximizes oilfield recovery and eliminates non-productive time.
- Optimum usage of time (cycle time improvement).
- Improvement in Net present value.