Digitalization in the oil and gas industry

Abstract

The oil and gas industry has a wealth of information accumulated over an ex-tensive period of time. This huge information is now known as big data and needs to be managed effectively in order that the industry remain sustainable. Digital transformation provides many benefits including enhancing connectivity and even optimization of processes within the system. In the current situation, digitalization in the oil and gas industry would enable a faster solution provider and at the same time provide value to the stakeholders. Challenges that have been identified include the possibility of the benefits of digitalization not reaching those who really need it and the increase in risk of compromising data privacy and security. Several recommendations can be identified that will benefit the industry and society. However, the successful implementation of digital transformation in the oil and gas industry requires a strong collaboration between the industry, decision-makers and the society.