Urbanization and industrial development will naturally result in greater need for fuel to power industries and machines. Asia-Pacific currently consumes 25% of the world’s oil supply and 10% of natural gas. With expectations of greater than 7% economic growth in the coming years and modest recovery in oil prices will stir excitement in the oil and gas marketplace in Asia-Pacific.
Deloitte noted that in 2018, global oil demand looks likely to have breached 100 MMbbl/d for the first time, natural gas continues to expand its share of key markets, and chemicals has seen strong revenue growth. Now, the industry is entering the New Year with increased volatility in prices and regulatory overhangs amidst many new business opportunities.
But oil and gas production is prone to risks throughout the production process that can result in wastage or a decrease in production. One industry observer noted that industry players are consciously looking at new technologies to help raise productivity and reduce risk.
Michael O’Connell, chief data scientist at TIBCO Software, says industrial equipment have built-in sensors for monitoring diagnostics such as pressure and temperature. Watch this video as he demonstrates a solution for monitoring sensor data in real-time to develop leading indicators for equipment shutdown.