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11 Sep 2020
1 minute read

Digital transformation in oil and gas

Embracing digital to reshape operations

From bytes to barrels
1 MB PDF

The new frontier: Bringing the digital revolution to midstream oil and gas

Given the current hype around digital technologies, it might be easy to imagine them as a ready fix for managing evolving business challenges. For instance, the industrial Internet of Things, a part of the broad digital opportunity, is projected to add US$15 trillion of value to the global economy by 2030. But when the industry in question is undergoing a fundamental change because of shales, how can US midstream companies not just adopt a digital mindset but also derive actual value from going digital for its legacy and new assets?

The digital transformation in upstream oil and gas

Industries are embracing technology to reshape their operating landscape and reap the benefits of improved productivity, higher efficiency, and increased cost savings. The oil and gas industry is not a stranger to this and is progressing towards digital maturity. What may be the potential roadblocks and how can these be overcome? A strategic roadmap could help oil and gas companies to assess every operation and identify digital leaps for achieving specific business objectives.

This paper describes Deloitte’s Digital Operations Transformation (DOT) model—a framework that explains the digital journey of 10 milestones, where the leap from one milestone to another marks the achievement of specific business objectives, and puts cybersecurity and digital traits at the core.

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The new frontier

US midstream companies appear to be realizing the value of going digital. But questions remain—most importantly, how to overcome the unique challenges associated with a fee-based yet highly dynamic industry, dominated by huge legacy assets?
 
 

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