KBC paves the way for a sustainable future

However, the industry is now embarking on a transformative journey. The integration of advanced digital technologies, data analytics, and automation is steering the oil and gas industry towards a new frontier, reshaping operations and strategies to align with the surging demands for energy consumption from 1.5% to 2% through 2045.¹

Revolutionising the oilfield

At the forefront of this transformation stands the digital oilfield that harnesses the power of Industrial Internet of Things (IIoT), Artificial Intelligence (AI), Machine Learning (ML), and cloud computing. Its value, quantified at US$27.4 billion in 2020, is projected to reach $54.4 billion by 2030.² The adoption of advanced technology offers operators an opportunity to not only cut carbon emissions but also amplify efficiency by monitoring existing infrastructure and resources, as shown in Figure 1. This fusion of the physical and digital realms empowers the industry with the ability to optimise production, refine processes, bolster safety measures, and reduce costs to serve as a catalyst for positive change in the oil and gas industry.

Figure 1. Operations monitoring reveals opportunities.

Streamlining operations

Today, refiners can leverage IIOT to capture data across the value chain to enhance the refinery’s efficiency while bringing decarbonisation to life.

Powered by the Yokogawa Cloud Platform, KBC Acuity™ Industrial Cloud Suite improves process industries such as oil and gas, petrochemicals, and refining. This suite excels in helping operators tackle challenges related to energy transition, value chain optimisation, and asset management.

KBC Acuity Industrial Cloud Suite offers a wide range of benefits including centralised data management, and a single pane of glass that allows for easy data visualisation and enhances productivity. Additionally, the analytics tools process data in real-time or near-real-time, making it easier for users to make informed decisions. The platform natively integrates with KBC's simulation software solutions - Petro-SIM^®, Maximus^®, Multiflash^®, and Visual MESA^®, which ensures scalability and simplifies complex challenges. It also provides features for remote monitoring, production data validation, and digital twin delivery. The main objectives are to streamline data collection, provide self-service reporting of analytics, and facilitate data sharing between business partners.

Benefits include early identification of production anomalies to minimise production losses, as shown in Figure 2, that have been estimated to reach US$8 billion annually.

Figure 2. Monitoring alerts minimise production losses.

Moreover, the suite simplifies data sharing to reduce costs, capital investments and operational expenditures for IT infrastructure. The suite also improves productivity by streamlining data collection and analysis, which traditionally consumed 70% of engineers’ time. The overall impact leads to a significant decrease in production costs to generate savings exceeding 1%.

Boosting productivity

Due to simplifying work processes and boosting productivity, cloud solutions will continue to play a big part in transforming the oil and gas industry. Integrating various solutions such as Data as a Service, Software as a Service, and simulations, along with AI/ML integration, are gaining traction.

Their flexibility, scalability, ease of deployment and maintenance, and emphasis on cybersecurity drive widespread adoption. As part of the digitalisation journey, IIoT solutions support a connected ecosystem that are expected to drive the global IoT in the oil and gas market to US$43 billion by 2024, growing at a CAGR of about 22% from 2019 to 2024.³

KBC takes pride in recognising that the convergence of advanced technologies with cloud solutions marks a pivotal moment for the oil and gas industry. As the industry embraces these innovations, KBC is positioned to address the energy challenges of today while building a sustainable and efficient future. The journey towards a connected, data-driven, and environmentally conscious oil and gas industry is unfolding, with cloud solutions playing a central role in this narrative.

References

1. SHEA, T., 'Multiphase and Virtual Flow Metering Solutions Global Market Research 2022-2027', ARC Advisory Group, Boston, 2022.
2. Global IoT in Oil and Gas Market (2019 to 2024) - Focus on Solutions, Applications & Industry Stream - ResearchAndMarkets.com. (2020). Retrieved from https://www.businesswire.com/news/home/20200623005661/en/Global-IoT-in-Oil-and-Gas-Market-2019-to-2024---Focus-on-Solutions-Applications-Industry-Stream---ResearchAndMarkets.com
3. StartUs insights. Top 10 Oil & Gas Industry Trends & Innovations in 2021. (2021). Retrieved from https://www.startus-insights.com/innovators-guide/top-10-oil-gas-industry-trends-innovations-in-2021/

Read the article online at: https://www.hydrocarbonengineering.com/special-reports/04032024/kbc-paves-the-way-for-a-sustainable-future/