The drive to transform quickly-to be nimble-is not just for playtime. The extreme pressures that the upstream oil and gas industry has experienced in recent years has driven companies to seek nimbleness in their enterprises. Price volatility, exponential data growth, and major shifts in the composition of the workforce are driving companies to be lean, efficient, responsive and proactive in the marketplace. The 4th Industrial Revolution1 is also creating digital disruptions that include artificial intelligence, robotics, the Internet of Things, and virtual/augmented reality. These changes are ushering in technology and data opportunities at an unprecedented pace. Enter the cloud, offering companies a foundation for flexibility in a rapidly evolving industry environment. It is the LEGO base for the upstream oil and gas industry-the platform upon which companies can extract amazing value from their businesses and then quickly transform as the world changes.
The industry has a history of courageous first moves: The first oil well in 18592, offshore drilling in the late 1800s3, the introduction of wireline logs in the 1920s4, advanced subsurface software applications in the 1980s6, and the past decade’s rapidly improving unconventional recovery methods7– the relationship between global supply and demand has required continuous step change. As the industry moves ahead, cloud adoption is essential to take advantage of the next wave of innovation. This journey starts with migrating to the cloud with ongoing operations driven by business opportunity, integrated workflows, personas, and data. The goal is to orchestrate smooth operation after cloud adoption and positions a company to become more integrated and automated. Data is key to a cloud-nimble approach. Many upstream businesses are fortunate to have access to rich historical data assets. For example, in the 1970s, a company in the North Sea began producing a reservoir that was estimated to have 800 million barrels of recoverable reserves.8 By the late 1990s, the company had accrued large volumes of data from decades of drilling wells and producing the field in the form of wireline logs, mud logs, core samples and reprocessed seismic. This allowed them to conduct more detailed analysis, resulting in identifying an estimated additional 160 million barrels of recoverable reserves. How did they find these reserves? From the additional knowledge of the reservoir and the nearby pockets and traps that were detected in the subsequent and ongoing forensic examination of all the available historical and contemporary data.
The oil and gas cloud applications market the increasing adoption of cloud-based technology, the increasing need for real-time data from the field and the adoption of cloud technology which provides real-time data and store huge data securely are the major factors driving the oil and gas cloud applications market.
The contribution of sensitive huge amount of data to grow the oil and gas industry, rising need for cost optimization and the use of various oil and gas companies to have solutions for their problems and have quick access to data created in upstream, midstream and downstream activities and rise in demand for private cloud for encrypting data and lowering operational costs accelerate the oil and gas cloud applications market growth.
Additionally, rapid industrialization, the demand for crude oil and natural gas, increasing need for cost optimization, rise in the standard of living, surge in investment and expansion of oil and gas industry positively affect the oil and gas cloud applications market growth.
The oil and gas industries are generating large data that need to be stored and the oil and gas cloud applications refers to the software that stores the data.
Oil and gas cloud applications solutions consist of various offerings from web-hosting services to integrate technologies by the several enterprises and reduce the overall operational cost.
These are used by both small and large enterprises.The Global Oil and Gas Cloud Applications Market report takes into account all the company profiles of the major players and brands.
