Q&A: Oil and gas industry must adopt emerging tech or face extinction

Shumon Zaman, a UAE-based technology executive with experience in the oil and gas industry, explains why AI, digital twins and IoT can help energy companies survive market turmoil.

5 industrial iot standing still oil drilling pump
Getty Images

The Middle East oil and gas industry faces pressure on several fronts. Enterprises around the world are deploying sustainable-energy technology designed to reduce reliance on oil in an effort to curb greenhouse gas emissions, while geopolitical turmoil has caused oil prices to plunge, putting pressure on energy company IT budgets. Shumon Zaman is a UAE-based technology executive and consultant who most recently worked as technology vice president at Lamprell PLC, a company specializing in the oil rig construction business; in this edited Q&A he highlights the power of digital twins and other emerging tech to accelerate digitalization in oil and gas industry -- with the aim of curbing costs, optimising revenue streams and supporting sustainability initiatives.

Which emerging technologies will shape the future for the oil and gas industry?

shumon zaman Shumon Zaman

Shumon Zaman is a UAE-based technology executive.

We are now starting to see tangible evidence whereby digital technologies such as artificial intelligence (AI), robotics, the industrial internet of things (IIOT), digital twins, wearables and even augmented reality are being used more in the oil and gas sector.

The rise in adoption of these technologies can be traced back to the fall in oil prices in 2014. This has forced the industry to find opportunities to reduce costs, and improve efficiencies using digital technology --  a major step change and one that I believe will certainly shape the future for the oil and gas industry to become more lean and agile.

To continue reading this article register now

7 secrets of successful remote IT teams