Digital twins gaining acceptance in oil and gas: report
A report by GlobalData, Digital Twins in Oil and Gas, suggests that digital twins are gaining rapid acceptance in the oil and gas industry. It also highlights the role of major oil and gas companies, such as ADNOC, BP, Eni, Equinor, ExxonMobil, Repsol, Rosneft, Shell and TotalEnergies in the development and adoption of digital twins to meet their business objectives.
“Digital twins are rapidly becoming a mainstay in oil and gas operations as companies strive to optimise asset performance and minimise unplanned outages,” said Ravindra Puranik, Oil and Gas Analyst at GlobalData. “This aims to make oil and gas operations relatively safer while lowering the carbon footprint and improving profitability. Companies are also deploying these tools for remote monitoring and predictive maintenance, among other benefits.”
Digital twins can effectively simulate the management of an oil and gas asset and forecast potential scenarios. They also have the capability to dynamically model the performance of the asset in real time.
“By harnessing real-time data, simulation and analytics, digital twins can offer profound insights about operational assets. They can enable oil and gas companies to streamline processes, pre-empt breakdowns, bolster safety measures and thus, enhance overall profitability,” Puranik said. “With their ability to provide a comprehensive view of operations, digital twins assist in formulating more informed and precise decisions, rendering them indispensable tools in oil and gas operations. The eventual goal is to achieve autonomous operations at production units to boost safety and productivity.”
Digital twins were initially deployed in capital-intensive oil and gas production facilities to streamline processes, mitigate emission footprint and generate cost savings. Since then, companies have created twins of their pipeline systems, gas plants and LNG terminals, as well as refineries and petrochemical complexes.
“Oil and gas companies are also keen on using this technology for their newer ventures beyond oil and gas, including in carbon capture and storage (CCS) and renewable power projects,’ Puranik added. “There is considerable potential for digital twins in improving the efficiency and effectiveness of CCS projects and to predict the power output from wind or solar farms. Another emerging use case is in supply chain and inventory management, where products can be tracked in real time to ensure their timely availability for end-use applications. This would help in streamlining logistics costs and maintain product quality for end consumers.”
Major US defence company sets up in SA
US defence technology company Sierra Nevada Corporation has opened an Australian subsidiary, SNC...
Queensland boosting local manufacturing
The Queensland Government has announced it will boost homegrown manufacturing with an expansion...
Hazer completes testing of its commercial demonstration plant
Hazer Group has announced that it has completed testing of its commercial demonstration plant for...
