Oil and gas, despite it’s age, is a booming industry. At $1.7 trillion per year, it’s larger than every metal industry combined. Exxon Mobil, the largest petroleum refining company in the world, is number 4 on Fortune 500’s list of most valuable companies. Oil and gas is still able to compete handily with major tech companies that are rushing in from Silicon Valley.
Like any other industry however, oil and gas is not immune to innovation. Chris Niven, research director for IDC Energy Insights, says oil and gas “is one of the most IT-dependent industries.” On top of it’s technical dependencies, the industry also has a major investment in large plots of land filled with massive machinery for drilling, refinery, and more. With such a complex infrastructure in place, there is a dire need for operational efficiency that humans simply can’t manage round the clock.
Technologies like big data have given oil producers a better look into their work. Now, with the addition of AI, IoT, and more, operational decisions are faster and more accurate.
New robust companies are ushering in new technology in a unique way that can support major companies, especially in this industry. With the proper application, digital technology can revolutionize the way oil and gas operations are managed. Here is our list of the top ten companies using tech to disrupt oil and gas:
At the intersection of disruptive field intelligence technology and fluctuating market conditions, there is still significant potential for oil and gas companies to ultimately yield break-even costs of $20 per barrel. To do this, operationally excellent companies are equipping their pumpers with A.I. driven field intelligence like the JOYN platform, from Seven Lakes Technologies. JOYN equips pumpers with a mobile portal on their iPhone or iPad that intelligently calls upon dynamic routes, work order status, safety issues, and compliance requirements all in one place. This timely access to trustworthy data boosts productivity.
A large amount of data in the oil and gas industry is stuck on paper. It’s a constant headache where data can easily get lost or is simply impossible to find. EMXT is combining stored and real-time data into an interactive platform to manage an entire field. Be it their interactive map for managing wells or land-revenue data platform for managing payments, EMXT has state-of-the-art technology for managing and analyzing oil and gas production on any level.
JP3 Measurement offers a range of different high-tech analyzation hardware and software for managing oil and gas operations. Their Verax CTX and VPA models cover vapor pressure and liquid and gas analysis in real-time. They’re using optical hardware for lightning fast data transfer. JP3 is letting the operator oversee and manage all aspects of oil production and refinement via their big data platform. All the information needed to make critical, real-time decisions is right in one place.
If you didn’t guess it from their name, Digital H2O is using tech to make water usage more efficient. However, their software is for a very specific purpose: water used in industrial processes. Water is a major resource in oil and gas production and refinement. One of it’s primary uses is for cooling. Digital H2O helps manage the usage of water better to reduce overall costs. They use a data aggregation technique and and data analysis to uncover new opportunities with water that’s still in cycle. It brings overhead down and makes better use of current resources.
OAG is a data analytics provider helping oil and gas companies perform more efficiently. They assist with superior well design, cash-flow prediction, capital allocation, and valuing asset portfolios. A lot more goes into oil and gas than just production and refinement. OAG specializes in the lesser-known aspects that have just as much impact on the efficiency of the process. With proprietary data science in constant pairing with oil and gas technology, producers are able to make better informed decisions while still focusing on what they do best.
Tachyus is focusing on data, but for decision making in the oil and gas industry. Their platform specializes in three key areas: alerts, recommendations, and optimization. Alerts are surface level primary notifications that need to be attended to. Recommendations are a stepping-stone for decision making to help you take care of problems you’d already need to address. Optimization is the icing on the cake that helps you perform more efficiently after all the essentials are locked down. Their three-step platform powered by big data gives every oil and gas professional the necessary path to perform better.
Mtell specializes in an internet-of-things (IoT) style connectivity for industrial devices across many industries, including manufacturing and mining. With thousands of moving parts and major machines, oil and gas falls right in their wheelhouse. Mtell focuses on machine upkeep by monitoring crucial parts of machinery and devices to alert the operator before they’re broken. Their “prescriptive maintenance” focuses on extending the life of machinery by not waiting until a problem is past repair. They’re leveraging new-age technology to bring the oil and gas industry up to speed.
GDS Ware is a cloud enterprise resource planning system that aids oil and gas companies in daily operations, or at least that’s how they describe it. In easier to understand terms, they manage data across a team of oil and gas professionals. Their main focus is gathering and making use of real-time data that can be instantly turned around for decision making. By leveraging bid data, GDS is giving companies all across oil and gas the resources necessary to produce at optimal efficiency.
Intelligent Sensing (ISA) is a remote monitoring company using IoT to monitor oil and gas storage. After production, oil and gas have a lot of different uses, but that’s only possible once it gets there. ISA is using their IoT platform to monitor not only the levels of tanks but the usage on the end-user side. They boast precise data readings that alert you to overspills or shortages and a data package guaranteed to reduce cost across the board.
AKW Analytics brings big data and machine learning all the way back to the front of oil and gas. Their services are directly for upstream exploration and production and midstream pipeline gathering. They use big data and machine learning to analyze all relevant data throughout the gathering process. Their system PALM™ (Petroleum Analytics Learning Machine) manages real-time operations on a massive level, designed to optimize production and save on costs. It’s automated platform reduces the amount of human input necessary to perform at optimal levels.