Big Oil Has Finally Joined The Digital Revolution OilPrice.com

The oil price crash of 2014 and the global'digitalization and disruption' drive coincided in a rather bizarre way to push the oil industry to seek cost cuts through innovation and new technologies. Big Tech was only too pleased to help Big Oil, seeing a new revenue stream in an industry long thought to be of the'dinosaur' type that was too slow to embrace new ways of doing things. Many oil and gas firms, especially the world's biggest, are already using data analytics, cloud computing, digital oil fields, digital twins, robotics, automation, predictive maintenance, machine learning, and even AI. The technology giants have seized the opportunity to sell such services to Big Oil, and top managers at Amazon Web Services, Microsoft Azure, and ABB Group, to name a few, flocked to this week's top energy industry event CERAWeek by IHS Markit in Houston to pitch their solutions to a wider audience. "A great wave of innovation and technology is transforming the industry and reshaping the energy future," said Daniel Yergin, conference chair and vice chairman of IHS Markit.