Use cases of automation in the oil and gas industry.
The following are real-life, specific use cases of how digitization can transform the oil and gas industry:
1. Cost management
RPA bots can be leveraged to lower the bac-kend costs of a company. The RTP – requisition to payment – process, for instance, is one domain that can be automated to help reduce the workload of accounting teams. The benefit of delegating the sub processes within the RTP – such as requisition and invoicing – to RPA bots is that they can do them cheaper and more efficiently.
Case study:
A petroleum company wanted to lower its costs in order to maintain its competitive advantage. By delegating RTP tasks to RPA bots, the proof of concept showed that there was potential for the company to reduce the manual efforts by 65-80%, expedite the RTP process by 4 times, and save 1,700 man-hours annually.
2. Real-time pricing
Oil prices are notoriously volatile. And with the recent geo-political situation in Russia, they have become more unpredictable than before. Moreover, with recent international efforts to move the world economy away from fossil fuels and towards sustainable ones, O&G firms do not have much time left to maximize on their earnings.
Automated pricing software leverages web scraping to scrape the sorts of data that affects the price of oil in real time – supply, demand, prices of derivatives such as futures and options, price of substitute products (such as solar panels or electricity) and more – that allows for a data-driven pricing strategy.
3. Pipelines and wells’ monitoring
The pricing software that we mentioned above can provide a more accurate price by factoring in the real-time production levels if it is integrated with IoT sensors that monitor the pipelines and wells’ level.
Moreover, these sensors can also take in the heat, vibration, and other factors that can be determinants of the health of pipelines and wells. And in case of any deviations from usual thresholds, predictive maintenance can be undertaken to limit the damage.
4. Automated reporting
The price O&G producers charge is highly competitive. (OPEC countries, for instance, follow a uniform pricing strategy that discourages undercharging for market capture). That’s why it’s important for producers to release accurate reports of their production levels, revenues, balance sheets, etc.
RPA bots are again good candidates for executing such tasks that alleviate the workload off the accounting teams, and curate accurate and timely reports thanks to exchanging data between different ERP systems, and as they appear.
5. Regulatory compliance
Since the year 2000, O&G companies have been fined a total amount of $53B, because of 6,067 separate violations. And most of the fines are cited as “environmental violations.”
O&G companies can partner up with 3rd-party vendors that use automated software to calculate their carbon emissions, use AI/ML models to calculate their greenhouse gas emissions of their supply chain, and keep monitoring the integrated smart devices (e.g. IoT, CCTV cameras, etc) to make sure everything is aligned with environmental and safety regulations.
Source: aimultiple.com
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