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Technology is transforming the oil and gas industry, as well-established players invest in digital transformation initiatives to accelerate innovation, drive efficiency, and boost profitability.
Find out exactly how by catching a replay of Huawei’s 2020 Oil & Gas Virtual Summit, which was held online on July 15 and is now available on-demand.
The webinar—with a theme of Data to Barrel—explores how some of today’s leading thinkers in the oil and gas space are using data to make better decisions and deliver more value during a pandemic that’s seen oil prices evaporate to unprecedented levels.
Though the COVID-19 epidemic has slowed down many industries, oil and gas companies find themselves in a particularly precarious situation. Not only have oil prices plummeted, demand has dropped alongside of it, as the tourism industry has ground to a halt and many people are staying home to stop the spread of the virus.
While these realities make it harder to do business in the oil and gas industry, they also present the perfect opportunity for smart companies to prioritize digital transformation by making strategic investments in some of today’s cutting-edge technological solutions—like edge computing, 5G networks, hybrid cloud infrastructure, artificial intelligence, big data, and more.
And this is precisely what many forward-thinking organizations are currently doing. In fact, one study from Schlumberger suggests that the company stands to save upwards of $290 billion by becoming a digital-first operation. Find out how by watching the virtual live event that features an eclectic cast of key decision-makers in the industry, including:
Zhang Tiegang, former deputy chief engineer of the Exploration and Development Research Institute, Daqing Oilfield Co., Ltd.
Patrick Hereng, CEO of a digital consultancy company
Wang Hao, Huawei EBG Oil & Gas CTO
Ali Razouki, East Middle East Regional Manager for Schlumberger SIS
It’s impossible to predict the future, but there will come a time when life begins to return to normal and demand for gas increases, boosting up the price of a barrel of oil at the same time. The sooner that oil and gas companies are able to optimize their operations and build technology-powered efficient businesses, the better positioned they will be to capitalize on the industry’s inevitable rebound.
On the flip-side, oil and gas companies that maintain the status quo as they battle this challenging landscape may not live to see the industry return to normal. Low prices and waning demand can cripple their operations if they fail to act.
There has never been a better opportunity for oil and gas companies to embrace change and modernize their workflows and infrastructure than the current moment. And many organizations understand this perfectly, which is why they are making shrewd decisions to upgrade the infrastructure and migrate their systems to modern cloud environments powered by the latest tools and the fastest networks—using data to inform every step of the way forward.