TRENDS IN THE OIL INDUSTRY

 TRENDS IN THE OIL INDUSTRY

Introduction

This paper provides a review of one reference, one article and one website that discusses the study of consumers in the industry of oil. It offered the discussion of the topic and indicated in the assignment details. The demands associated with energy and pricing are changing the oil industry. However, some companies are harnessing the innovation of digitization, considering that this business segment demands for business models, investments and rationalization of portfolios associated with this sector to support flexibility.

www.ey.com retrieved from https://www.ey.com/en_gl/oil-gas

This website provides insights that assist in adapting to constantly changing demands of consumers in the energy sector. The site offers expert services and information across the energy value chain and partners with top technology companies to provide a unique set of resources. The website resources enable the customer to develop practical insights and transform the long-term economic growth in the current energy market. The EY provides smart automation associated with oil and gas, intelligent management of assets, incorporates blockchain technology into the energy sector and support cybersecurity in the market segment.

An intelligent amalgamation of skilled individual and digital employees assist energy companies to access the full merits of current innovation technologies. The present innovations are aimed at creating an automated system that comprises human resource and machine functions to get the best business results. The intelligent management of assets deploys the operational technology that controls machine processes and equipment using the cloud infrastructure to analyze data to advance productivity plus reliability.

2018 Tech Trends for the oil and gas industry, Deloitte Insights

Some of the emerging trends in the energy sector include the development of new information delivery models starting from the top all the way to the bottom. This trend provides the restructuring of how leading companies are adapting to the delivery and evolution of existing information technology infrastructure plus associated solutions. Non-collar workforce places human and equipment in a single loop which supports the collaboration of roles and the latest talent models. This move applies automatics such as bots, virtual employees, Al-driven competences and cognitive agents such as robots to achieve business growth and expansion. Availing of data for access, understanding in the business organizations offers a blueprint for the oil segments into data-oriented companies and develop functional strategies that support development and growth. Incorporation of digital technology and reality using the methodologies that people and the business interact; there is also the introduction of the blockchain technology in this industry.

Unlocking future growth for deepwater in the Gulf of Mexico By Kassia Yanosek and Matt Rogers

This publication highlights McKinsey Company initiative of exploiting the profound water visions as the significant portion of future oil and gas. It focuses on the Gulf of Mexico, trends in current technology, financial models and stakeholder’s reactions to the innovations. The publication mentions the GOM as a substantial component of the mix and predicts the volume of oil which is required to meet the future demands of the market. The publication discusses the role of GOM as the crucial source of future oil supply, and it highlights the origin of expansion in the region. This article also discusses trends which are focused on developing value and creation of growth. The four trends highlighted in the paper include game-altering technology, new producer and supplier operations models, Collaborations that support improvement and operational competence and innovative financial approaches that affect project delivery. The implications for the industry stakeholders are also highlighted in the article.

Conclusion

This paper analyses and reviews three publications as indicated in the assignment details and discusses content about technological trends in the oil and gas industry.