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There was a time, and not so long ago when a small oil companies in southern Texas had to send their employees for hundreds of kilometers to do a tour of the oil fields and check whether the machines are working properly. To notice a fault, it took a day or more and to fix it it could last a week or so. You can only imagine losses for the company then. Fortunately, we have 2016 and companies like Welder Exploration & Production don’t have to worry anymore about not knowing about what is state of their devices.

 

Today, it takes just seconds for Welder to learn that one of his company’s wells has gone down. That’s because in 2013, Welder Exploration became one of the first oil producers to sign on with WellAware, a tech startup that kits out clients’ oil and gas wells with hardware that transmits real-time data over its own radio network. Clients can access the information on a smartphone or tablet using WellAware’s mobile app or through a Web browser. Customers pay $15 to $100 a month per well, depending on the level of service and equipment.

Without a doubt U.S is highly advanced in drilling technology, this was the basis of the shale boom. However much of the oil industry lags far behind when it comes to technology above-ground. Now, when the industry is more focused on cost-cutting and optimization of production in existing deposits than search for new, digitizing operations has become much more appealing.

Dave Milam, head of product management at WellAware, says that the beginnings were not easy: “People used to tell me, ‘If you can’t help us find more oil and drill faster, I don’t have time to talk to you,’ ”. WellAware was founded 2012 and has raised $61 million in venture capital and counts billionaire Carlos Slim as an investor. The privately held company doesn’t report financial results, but Milam says its roster of customers has grown tenfold in the past year.

In a report released in March, McKinsey estimates that each of the world’s oil majors could reap $1 billion in cost savings and production increases from the adoption of digital technologies. In California, Chevron is using the latest technologies like drones, which are popular in Oil and Gas industry according to what we reported a few months ago.

Technological advances now allow for a very large savings in the industry and more accurate data collection with instant collecting them and sending for analysis. According to the speech of Ahmed Hashmi, global head of upstream technology at BP, the company has plowed “several hundred million dollars” into digital field technologies, which now cover about 85 percent of its oil and gas production around the world, compared with just 20 percent five years ago. “Digital is the rare technology that allows us to do more with less,” he said.

Despite the many advantages of technological advances in the industry are still many traditionalists attached to the old, proven technologies. To convince them to new solutions companies such as Bluetick, a North Carolina company that offers remote monitoring and automation services for oil and gas companies, shows how much save their competitors and that convince them.

source Bloomberg

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