Unless you have been living under a rock – no pun intended – you have experienced the buzz in today’s business media about the Internet of Things and Big Data Analytics. Some of you may have even wondered how would these macro trends impact finding and extracting more oil faster, cheaper and safer. This article explores how a technology that sits in the middle of these two trends is poised to transform oil and gas operations, with a focus on unconventional oil development.
The CXO’s of GE, Cisco, Siemens and like are onto something when they frequently tell the press that ”tens of trillions” of dollars will be added to the global GDP over the coming decade through the Internet of Things. To simplify, the Internet of Things – more accurately called the Internet of Everything by Cisco – means there will be sensors everywhere and in everything (and on everyone) and these sensors will connect and communicate over networks facilitating decisions and actions that haven’t been possible before. The Industrial Internet of Things, a sub-segment of the Internet of Things, is focused on the impact of this phenomenon on different industries, including energy.