Three factors are pressuring the oil and gas industry to make dramatic changes: enduring low oil prices, high operating costs, and the growing popularity of sustainable investing. With these mounting pressures, many operators are turning toward tech solutions.
Oil and gas has been using enterprise software and data-based decision making for decades, but what’s new since 2010 are advances in the tech space, like data storage, processing, and machine learning.
Dr. Carolyn Seto, Director of Upstream Research at IHS Markit, told CNBC News, “They [energy companies] are realizing that they’re not IT companies. They’re not software developers…They are partnering with these [tech] companies to be able to gain access to these new technologies, as opposed to taking the development costs themselves of building out capabilities within their organization.”
The right technology can help operators streamline operations. In the “Frac to the Future; Oil’s Digital Rebirth” equity research piece from January 2020, Barclays estimates growth in O&G digital services leading to $150 billion in annual savings for oil producers. As part of the same research, Barclays highlights a select group of companies, including Petro.ai, that are creating the “digital well of the future.”
Over the past decade, during the rise of unconventional drilling, Petro.ai has been a pioneer in providing leading-edge solutions for the oil and gas industry. Our workflows have become trusted in every major North American basin, from the Permian to the Bakken and Duvernay. In fact, 1 out of 3 drilling rigs running in North America today is operated by a Petro.ai customer.
What makes us different? We’re not a big Silicon Valley company working with oil and gas companies. We’re a Texas company with roots in the oil and gas industry. We understand the business inside and out: from location to the cloud. Learn more.
Richard is the CFO & COO at Petro.ai. An experienced leader in energy finance, Richard served as Vice President at SCF Partners prior to joining Petro.ai.