Offshore drilling and production platforms are complex systems, with limited space and round-the-clock operations in often hostile conditions. Platforms continue to become more compact and more sophisticated with an ever-increasing complexity of electronic systems, sensors, communications and safety equipment.
For some, the Internet of Things (IoT) has arrived. But few have realized how IoT is altering technology business relationships. Those who fail to adapt there is a risk for missing out on what could be the greatest business opportunity of the 21st century.
Offshore drilling activity continues to migrate into deeper waters, especially with new oil and gas discoveries happening in smaller reservoirs located in deeper waters. Making these discoveries commercially viable relies on not only revenue from high oil and gas prices but also on reducing operating expenses (OPEX) and capital expenditures (CAPEX). Oil and gas producers are now looking at new technologies to produce effectively these high-pressure, complex reservoirs. Technologies such as subsea boosting and subsea gas compression allow subsea processing of hydrocarbons to change the economics of deepwater production.