Top energy industry trends for 2024

Top energy industry trends for 2024

March 26, 2024
Time to read: 8 minutes
Kongsberg Digital

Oil and gas supermajors, DSOs and renewable companies are all challenged to improve operational efficiency, fill the knowledge gap left by an ageing workforce, and adapt to rapid changes in operating conditions. This requires doing more with less. In other words, adopting new digital ways of working that can help you be more efficient and effective at scale with less cost and risk. Understanding and getting the most out of three emerging technology trends are key to enabling these new ways of working: DataOps, digital twins and AI.

1. Unlock the path to operational efficiency with DataOps

Data silos are what’s standing in the way for many energy companies to make meaningful improvements to operational efficiency. When data is not easily shared across operations, it’s as if each oil rig is on its own out at sea. Worker and operator productivity is also a key area for improvement, where data silos result in the use of too many disparate systems and manual data entry while limiting remote collaboration.

Now imagine a world where data is standardised, centralised and democratised. This is what DataOps can do, serving as a key foundation for enabling more widespread and effective adoption of new technologies and ways of working. Greater data availability empowers your teams to make efficiency improvements at scale across geographies and value chains while improved data quality will supercharge other technologies like digital twins and AI.

2. Transform ways of working with a digital twin

Nearly half (41%) of energy professionals surveyed reported a lack of qualified staff being among the biggest threats to their company over the next five years. As the energy industry workforce ages, how will you be able to train new staff effectively and efficiently to fill the knowledge gap?

With a digital twin, you could run simulations and enable remote operations to cut back on travel to rigs and wells. This helps cut costs, increase safety, and scale up training capabilities. It’s also much easier for new hires to get up to speed when it’s possible to perform tasks remotely, undergo training in a virtual environment, and stay on top of key data all in one simple user interface. More people will be willing and able to perform energy work efficiently in a safer environment.

Examples of safer and smarter ways of working enabled by digital twins

  • Ensure secure simultaneous operations (SIMOPS) with digitalised work permits
  • Enable a single remote operations manager to support multiple rigs
  • Simulate hazardous operational situations to see how different reactions would play out

3. Make critical decisions faster than humanly possible with the help of AI

AI has been trending heavily across industries and society lately. But you might not be sure exactly how to achieve major operational efficiency gains with this powerful technology in energy. First, try looking at it in the context of decision-making. Consider that operating conditions are changing faster than ever. Adapting production and consumption will be crucial to empowering the energy transition and staying competitive.

From more effective predictive maintenance and prescriptive analytics to autonomous asset optimisation, AI generates the insights from your data needed to go from reactive to proactive. As AI usage in energy advances, operators will be able to get optimisation suggestions in real-time and the AI will increasingly be able to make certain optimisations on its own. A digital twin empowered with AI can lead to substantial cost savings and efficiency gains in processes such as turnarounds and energy nomination.

Case in point: AI-driven energy nomination

Use an AI-powered digital twin to predict a plant’s energy consumption and test various operating scenarios to fine-tune nominations accuracy. By operating closer to the actual consumption of nominations, you can avoid penalties for selling overcapacity or buying back excess energy while ensuring more responsible energy usage.

Move beyond the buzz and learn how to master these trends

All three trends go hand in hand, as you need the high-quality centralised data of DataOps to get better results from machine learning. A digital twin offers an ideal context to interact with AI-generated suggestions, creating an unprecedented system of work that enables people to make the best decisions every time. The challenge lies in understanding what these trends really mean, the impact they can have and how you can begin to leverage them.

Are you ready to push past the buzz and uncover how DataOps, digital twins, and AI can help you do more with less? Get your hands on our free in-depth guide Three Trends Poised to Transform the Heavy-Asset Sector in 2024 for in-depth analysis, industry insider tips, and actionable strategies for adoption.

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Top energy industry trends for 2024

Kongsberg Digital

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