Information technology predictions for oil, gas industries

By The Bakken Magazine Staff | January 16, 2015

The drop in oil prices will inspire oil and gas industry related firms to “apply intelligence in how they explore for, produce and process resources,” according to IDC Energy Insights, an information technology (IT) advisory firm. IDC has released a set of predictions for 2015, outlining several actions the oil and gas industry will or should take. “To help decision-makers understand how IT will influence future decisions, IDC has released 10 probable elements of the oil and gas industries future that must be addressed,” the firm said.

1. CEOs will expect immediate and accurate information on top shale plays by the end of 2015.

2. Oil and gas firms should and will work with engineers, geologists and drillers to develop dashboards that will help in developing certain fields.

3. By the end of 2017, 80 percent of the top oil and gas companies will reengineer processes and systems to optimize logistics, hedge risk and efficiently and safely deliver crude, liquefied natural gas and refined products.

4. Over the next three years, 40 percent of oil and gas majors and all software divisions of oilfield services will co-innovate on domain specific technical projects with IT professional service firms.

5. By 2016, 70 percent of oil and gas firms will have invested in programs to evolve their IT packages and third-party platforms that help in changing commodity price environments.

6. With continued labor shortages impacting oil and gas workforce, firms will look to IT to meet productivity goals.

7. 100 percent of top 25 oil and gas firms will use modeling and simulation tools to optimize field development programs by the end of 2017.

8. Spending on connectivity-related technologies will increase by 30 percent between 2014 and 2016.

9. As mergers and acqusitions happen in 2015, 40 percent of oil and gas companies will look to reevaluate hydrocarbon accounting practices.

10. By 2016, 50 percent of oil and gas firms will have advanced analytics in place. Roughly one-quarter of the top 25 firms will apply intergrated planning and information to large capital projects by 2015.