IIoT concepts are transforming the Oil & Gas industry business model in fast and dramatic ways as a result of three key factors:
- The cost of connected sensors has plummeted, allowing Oil & Gas companies to accelerate digitization programs and to leverage a higher mobility of work force.
- Connectivity is now widespread and huge volumes of process data are being delivered to the cloud for management.
- New software analytics programs can monetize the astounding level of real-time data now available, thereby transforming the efficiency of the Oil & Gas value chain.
This paper reviews these concepts and examines how Oil & Gas upstream, midstream and downstream processes are impacted and how these processes can derive benefit from this advanced digitization.