Aside from providing virtual replicas of energy facilities, Kognitwin? Energy offers easy access to monitoring, dynamic simulation, and high-quality predictions in real time. Learn more about our Kognitwin Energy solution.Despite the growing concern over the contribution of hydrocarbon-based emissions to a changing climate and a strong push towards lower emission generating sources of energy, the reality is we are still in a hydrocarbon energy resourced world (making up a total share of 84% in 2019.)
Is this continued reliance on oil and gas a bad thing? Without oil and gas, the demand and supply of basics (food, water, shelter, clothes) and consumables (phone, cars, toys, etc) would be dramatically different. Communities would be unrecognisable with global stability likely to be at greater risk. For over 100 years, oil and gas has come out of the ground reasonably safely and has fuelled exponential global growth resulting in extraordinary financial wealth across the Industry.However, as someone who has had to wear a mask while travelling in Beijing (pre-Coronavirus) and cycled on smog drenched roads in London, I can attest to the growing awareness of the impact of emissions. This is not only limited to its well-publicised influence on rising temperatures but also the health impacts from urban air pollution from transport and power generation, and the effect on plants, animals and other living organisms we share the environment with. Unless we change and develop a solution to reduce harmful emissions, even the sceptics would have to admit that we have a difficult road ahead of us.Despite this, if the recent Shell and BP scenarios are anything to go by the energy industry is still where the immediate future will look to for fuelling growth.
The two well regarded forecasting publications (former UK minister Vince Cable was a prominent former Shell scenario planner) share 3 key messages:
Not such bad news for the future of the energy Industry.
A bit of historical context - the energy industry has been often resistant to change. This is because the associated risks from its operations (to people, environment and equipment) and what it has traditionally done has generally delivered results. Referencing his quote that ?The definition of insanity is doing the same thing and expecting different results?, Albert Einstein would agree with the conservatism.There is developing change across the energy industry however, which is largely based on environmental concerns:
Recognising the above, along with most energy companies, both BP and Shell have been steadily shifting their business to low carbon solutions such as wind and solar.In addition to the challenge of adapting to the renewables revolution, current and likely future issues for oil and gas companies include low oil prices, perceived outdated technology, carbon taxes, ESG requirements and negative stakeholder perception.The need for change is clear.
Aside from providing virtual replicas of energy facilities, Kognitwin? Energy offers easy access to monitoring, dynamic simulation, and high-quality predictions in real time. Learn more about our Kognitwin Energy solution.Recognising the energy industry?s current appetite for transformation, at Kongsberg Digital we stand at the forefront of this evolution. The potential to optimise the operation of energy assets through our digital twin service platform is considerable, including enabling a shift towards a remote and automated way of working.A digital twin can be described as a virtual representation of a physical asset ? think Google Maps for an asset ? with static, dynamic real time and modelled information presented to the user.Our digital twin service platform Kognitwin? Energy allows asset owners, operators, contractors and regulators to interact with their virtualised assets. Kognitwin? Energy is built on data that is assured, integrated and linked through our custom-made contextualization engine.As a 200-year-old company, we at KONGSBERG are excited to deliver our vision of ?Digitalising the World?s Industries?, enabling the energy industry to embrace Industry 4.0.
Bloomberg:Oil Giant Aramco Regains Top Spot From Apple as Tech Rally FadesBP: Statistical Review of World Energy 2020BP: Energy OutlookShell: Energy and innovationCNBC: BP enters offshore wind with $1.1 billion Equinor dealIEA: Global Energy Review 2020
Brian Carey is a Strategic Growth Director with Kongsberg Digital, with past roles in engineering, technology, projects and finance. Brian is currently based in Europe and has previously worked on projects in Brunei, Japan, Kazakhstan, Nigeria, Qatar and Canada.
