Digitalization has the potential to create around $1 trillion of value for Oil and Gas firms. Of that amount, $580-$600 billion is expected to accrue to upstream companies, approximately $100 billion to midstream firms and $260-$275 billion to downstream companies.
The potential for digitization of deposits is 125 billion barrels – this is how much in the medium term it is possible to increase the return of already discovered fields only by improving the organization of work. According to expert estimates, the integrated use of IT technologies allows oil companies to increase the oil recovery rate by 2-7 percentage points and at the same time reduce operating costs by a quarter.
Due to the development of all technologies, technically recoverable reserves can grow by 35%, and the cost price can decrease by 25%. 36% of the world’s oil companies are now actively using Big Data technology, and another 38% intend to adopt it in the next 3-5 years.
Two — thirds of the global market for specialized industry programs is controlled by five companies- Shlumberger, Landmark, Aspen Technology, Honeywell, and Invensys. Energy giants also use the services of specialized companies.
By 2025, due to the use of the Internet of things in the oil and gas industry, global GDP can grow by 0.8 % (or by 816 billion us dollars).” Wood Mackenzie estimates the effect of digitalization on the 10 largest mining projects at $ 20 billion us dollars, or 40% of the total net present income of projects (net present value, NPV).
Digital transformation in the industry could create benefits worth about $640 billion for wider society. This includes approximately $170 billion of savings for customers, roughly $10 billion of productivity improvements, $30 billion from reducing water usage and $430 billion from lowering emissions. Environmental benefits include reducing CO2e emissions by approximately 1,300 million tonnes, saving about 800 million gallons of water, and avoiding oil spills equivalent to about 230,000 barrels of oil.