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Evolution of the Oil Industry

Over the years, the oil and gas industry as evolved and changed in many ways. The first successful oil drill was made by George Bissell and Edwin L. Drake in 1859. Since then, the oil and gas industry has gone through a significant changes in an effort to become optimized, more efficient, and productive. Competition is always high, so staying ahead of the curve in the oil and gas industry is more important than ever.

The oil and gas industry has evolved through many states, while technology has continuously evolved. An industry that has consistently faced challenges, yet defies expectations. From Industry 1.0, in the late 1700’s, where steam engines and mechanization led the way, to Industry 2.0, in the late 1800’s, a time that saw mass production, assembly lines and electrical energy changing the scene. Around 1969, Industry 3.0 emerged and brought with it the initial wave of computing, automating, and electronics. This is the industry most of us have seen and experienced, but we’re now looking at Industry 4.0. This is now, the time of networks and machine learning, the “internet of things”, and moving towards more technologically advanced ways of doing business.

Recent and current technological advances and new data analytics are making a big and much needed impact on the oil and gas industry. Artificial intelligence, machine learning, and data sciences are making way for companies to improve their ability to find, maintain, and optimize new wells. Sensors on equipment have improved monitoring and maintenance, and the reach of engineers, but technology takes the data from sensors an extra mile for those engineers. Providing the ability to proactively monitor and perform maintenance can save an operators a huge amount of money. The unified monitoring view can allow more to be done with less hands on desk, and can greatly increase the ability to detect failures, and to respond in better time.

Data analytics and data quality is playing an even bigger role in the success of oil and gas companies. The most successful companies are finding new and improved ways to collect data insights, and to find value optimization in new ways.

At OspreyData, we provide a Unified Monitoring and Advanced Analytics solution to oil and gas companies that paves the way for easy movement into this Industry 4.0. If you are looking for a proactive and highly valuable solution for your data and fields, we would be happy to discuss our solutions with you.

Contact us today to learn more.