I cover commodities, mostly oil & gas, often debunking risk premiums.Smartphones, smart-meters and smart-cars – premised on digital tools making communication, monitoring energy consumption and driving more efficient – are among us. It seems oil and gas explorers have their own nifty kit – the 'smart' rig! It's been around for a while, in use offshore and is getting smarter as data analytics, robotics and artificial intelligence proliferate.
So what is the fuss all about? Picture this – the oil or gas well has been dug, hydrocarbon resource has been found, it's all connected up and once all of that is done, everything from process safety to production levels, composition of resource to flow rate is monitored offsite. Schneider Electric's Dartnell says:"It's all about getting the maximum return on investment from an asset. So when E&P players started noticing the gains from greenfield sites, retrofitting existing sites or at least thinking about retrofitting was a logical pathway."
What's more"resource maximization" is a key focus area, adds Emerson's Zornio."There's the most optimized and cost efficient way of extracting the hydrocarbon, and then there's the maximization of the basin volume as well. "Just cataloging reserves on standalone basis won't cut it. Lots of companies have reserves but they need to show how cost effective their extraction process can be. Wall Street, given the relatively lower valuations of legacy oil and gas companies, is now looking at who is being proactive in embracing cost optimization, rather than reactive, in the current climate," Byers adds.
"Every project, every company has different cost/benefit parameters. Evidence and industry interaction points to incremental returns from deployment of optimization technology. Of course, scale matters which is why you will find that oil and gas majors are deploying smart solutions faster than independents.
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