‘IoT can help oil, gas companies save billions of dollars’
The technology behind the Internet of Things (IoT) has been discovered to have huge potential in helping businesses, especially oil and gas, to save billions of dollars in operational costs.
This was revealed by IoT Africa Networks Limited, which held a two-part webinar series tagged: ‘Digitizing the Oil & Gas Sector with IoT’ with more than 250 industry experts in attendance. The event, which was targeted at addressing the sector’s challenges, was done in conjunction with OleumTech, AIUT, and SeongJi.
Executive Chairman of IoT Africa Networks Ltd, Lare Ayoola, outlined how oil and gas companies could save 10 per cent to 40 per cent of operational expenses and increase efficiencies upwards of 25 per cent by using real-time data to monitor assets, predict breakdowns and schedule routine maintenance.
He referenced a study by Schlumberger, which stated that companies stand to save as much as $290 billion by adopting a digital-first operation.
The webinar shed more light on how IoT connected wireless technology is helping the oil and gas companies to optimise their pumping operations, maintain the pipes and wells; monitor equipment failures and gas leaks and track pipe pressures and temperatures.
“IoT Africa Networks Ltd, in partnership with Sigfox, enables you to observe your entire asset tracking network whether it is industrial, commercial, business or residential in a convenient and budget-friendly manner.
“You might not be able to rely on electricity in Nigeria but you can rely on Sigfox. This is because the Sigfox devices can be powered without electricity. Their battery life can last for more than four years on a single charge,” Ayoola stated.
Giving more insight, Senior Vice President, OleumTech Corporation, Brent McAdams, talked about how tapping IoT connectivity in oil and gas can fuel higher performance and increased revenue.
Other presentations from Vice President, AIUT, Marek Gabrys and IoT Sales Manager, SeongJi, Brown Lee, explained the safety and cost-effectiveness of Sigfox devices when used to collect data from the field and transmit directly to platforms.
Former MD NAPET Telecoms NNPC, Anthony Okuyelu, MD, ARIL Technologies Limited, Adeshile Adetokunbo, discussed how companies could implement a successful digital oilfield and gas supply chain strategy during the panel session.
According to them, IoT has come to stay just as there has never been a better opportunity for industries to embrace the change IoT brings; save billions of dollars and modernize their operations than now.