BOSTON CONSULTING GROUP | Digital technologies that transform the way upstream oil and gas companies solve key business problems can unlock an enormous amount of value. Pockets of digital excellence already exist in the industry within disciplines such as reservoir and flow assurance modeling. But there are still significant opportunities to use digital technologies to create value by enabling better integration across disciplines, asset organizations, and players in the value chain.
We’ve found that disruptive value creation from digital is being driven by two key factors. First, companies are creating innovative business models to become more competitive. Examples include operators establishing remote or integrated operations centers and suppliers providing a greater share of production optimization or maintenance as an outsourced service. Second, companies are benefiting from digital twin technology. By replicating physical equipment or real-world processes in a virtual environment using digital twins, companies are able to make faster and better decisions. As a company’s portfolio of digital twin use cases grows, each digital twin of an asset or plant becomes more impactful.
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