New Simulation Tools are Driving Down Oil and Gas Company Operational Costs
According to the World Economic Forum, digital transformation in the Oil & Gas industry could unlock approximately $1.6 trillion of value for the industry, its customers and wider society. Digital transformation is emerging as a business strategy that leverages digitalization to lower costs and increase profitability across the business. As a broad technological movement, digitalization implies a high degree of connectivity and analysis of data and a vast acceleration in the ability to quickly assess fluid business situations and to make accurate predictions and decisions. The amount of time and degree of investment required in the past to perform such work was prohibitive. Today, acquiring such abilities is both affordable and a prerequisite for remaining competitive. The digital transformation trend is spawning new developments in the areas of simulation and virtual and augmented reality, particularly in the areas of oil and gas engineering and training operations. On the e...