Embracing Remote Monitoring in the Oil and Gas Sector

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engineering, oil and gas

Guest writer: Shalini Nagar – Jr. Content Writer at Research Nester

The oil and gas industry is growing at a 7.2 percent compound annual growth rate (CAGR), and it is currently valued at $1.3 billion. This industry has been a significant driving force for the global economy due to growing energy needs. One of the essential components of the oil and gas industry is oil pipelines. However, they are susceptible to various structural failures, such as corrosion, cracks, leakages, and debonding. Furthermore, multiple accidents lead not only to significant fuel loss and security threats but also to irreversible environmental harm. This environment is often not favorable to traditional fuel tracking methods that may not be effective in preventing accidents unless the root cause is addressed with an advanced and real-time solution.

What is Remote Monitoring?

Remote monitoring is essential in the oil and gas industries and offers real-time visibility of their operations. It also enhances the safety and efficiency of the industries. Additionally, they ensure that companies can identify and respond well to problems in their equipment before they lead to downtime. These systems offer an early problem occurrence, and it will enable them to respond quickly and effectively to repair and maintenance before a fault develops in the system. Finally, it allows operators to monitor the performance of their pipeline activities. As a result, it allows operators to address the issues before they get fatally dangerous.

Best Practices for Remote Monitoring

In the oil and gas field, remote monitoring has gained significant importance as a result of allowing data collection and analysis in real-time and better operational efficiency with the added benefit of some degree of cost reduction. For remote monitoring to succeed some good practices should be followed such as: 

  • Data management. A central database should be created for storing all remote monitoring data and record and edit data-validation, and quality control processes. Data collected need to be visualized to interpret them.
  • Cyber security: Robust cybersecurity measures should be implemented to protect remote monitoring systems from unauthorized access and cyber threats. Software and firmware should be updated and patched regularly to eliminate any vulnerabilities. Security audits and penetration testing should be carried out regularly to uncover and address any system weaknesses. 
  • Training: Employees should be provided with comprehensive training on how to treat and maintain remote monitoring systems. Furthermore, employees should be taught about cybersecurity and common cyber concerns. Routine refresher training sessions should also be held to educate employees on the latest technologies and procedures.

Market Overview and Growth Potential

The oil and gas remote monitoring market is described as fast-growing due to advancements in technology for monitoring and controlling operations in these sectors. Over the next 3-6 years, 75% of oil and gas companies are projected to spend more or much more on digital technology. The growth of the market is fueled by the growing need for real-time data and analytics elevating production, safety and reducing operational costs. During the forecast period of 2023-36 the oil and gas remote monitoring market is expected to grow at a moderate CAGR.

The oil and gas industry utilizes Internet of Things (IoT) devices and sensors to enable real-time remote monitoring and data collection. Such applications support increasing efficiency levels by cutting down on operational costs. Powering the systems with AI analytics and predictive maintenance algorithms can increase the accuracy in optimizing productivity, detect anomalies, and prevent equipment failure while in operation. For instance, from the developed research, it was noted that machine learning techniques shall help predict over 80% of equipment failure in the oil and gas industry. Additionally, through artificial intelligence-powered drones, pipeline safety inspection shall be enhanced to 97%. Moreover, cloud-based remote monitoring solutions provide scalability, data storage, and accessibility, enabling seamless monitoring and control of remote assets from anywhere.

What Are The Business Benefits Of Oil And Gas Monitoring?

Remote monitoring technology has revolutionized the oil and gas industry by providing real-time data and insights that enable companies to optimize operations and improve overall efficiency. This page will highlight some of the key benefits of remote monitoring in this industry.

  • Improved safety: Remote monitoring enables around-the-clock monitoring of vital equipment and processes to eliminate the need for periodic on-site inspections, and prevent occurrence of accidents and incidents. Real-time data and notifications make it possible to identify issues at early steps and address them immediately.
  • Increased operational efficiency: Remote monitoring is the devoted way to get real-time insight into the work routine to perform proactive maintenance and fully optimize equipment taking maximum from its productivity. Inefficiency and bottlenecks can also be removed thanks to this method to decrease operational downtime and additional timely manufacturing.
  • Cost Savings: Remote monitoring eliminates the need for frequent on-site visits and manual data collection, resulting in significant cost savings. By remotely monitoring equipment and processes, companies can reduce labor costs, minimize travel expenses, and optimize maintenance schedules.

Recent Developments

  • C6 VPN Router is an excellent choice for Oil & Gas applications. KEB’s C6 Industrial Router gives secure access to the field’s controls. Third-party compatible and compatible with Allen-Bradley, Siemens, and Schneider PLCs, industrial router is a perfect choice for PLC remote maintenance and capping off own application.
  • In Dec 2020: New Delhi: Indian Oil Corp., the country’s largest fuel retailer, said it has launched the country’s first remote monitoring system of turbines running in oil refineries, located in Hyderabad.
  • October 2023: Key oil and gas experts met in Italy and brainstormed on several support options to help drive towards securing oil pipelines and improve transportation of oil and gas, especially in volatile environments. 
  • Tranzmeo, as a Cisco LaunchPad portfolio startup, offers remote monitoring solutions for oil and gas pipelines. The technology by the company offers an affordable solution-oriented system that supports real-time monitoring of the pipeline and enables people to monitor and act on potential issues before they become too big to be managed.

To sum up, remote monitoring is an essential tool for early detection and proactiveness regarding maintenance in the oil and gas sector. With emerging technologies such as IoT sensors and machine learning algorithms, companies can reduce productivity downtime and improve safety measures in their operations at a low cost. The proactive approach to monitoring ensures that companies continue to operate without severe challenges when future issues happen. In addition to saving time and profits, proactive monitoring saves workers and consumers the danger of insecure practices. Companies must, therefore, adopt it to continue operating in the industry.

Source: https://www.researchnester.com/reports/oil-and-gas-remote-monitoring-market/2948

About the Author: Shalini Nagar, a content associate, brings a wealth of writing experience to the table through her work. She has gained proficiency in areas such as crafting website content, writing press releases and articles, creating engaging blog posts, editing work, conducting research, and designing infographics. 

 

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