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Emerging Themes in Oil and Gas Management.

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Added on  2021-04-16

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This report is on "implementation of digital technology". In this report emerging theme deals with the changes that take place and also informs about the various innovations occurring in day-to-day life. It provides information regarding the evolving trends in business management. Moreover, it also provides its impact in the future. It also contains the range of contributions in the past and a list of upcoming contributions to be made. The paper gives a critical analysis of the emerging theme in oil and gas management. It also brings to light the current and the future impact of such technology implementation on the business.

Emerging Themes in Oil and Gas Management.

   Added on 2021-04-16

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Running head: EMERGING THEMES IN OIL AND GAS MANAGEMENTEmerging Themes in Oil and Gas ManagementName of the Student:Name of the University:Author note
Emerging Themes in Oil and Gas Management._1
1EMERGING THEMES IN OIL AND GAS MANAGEMENTEmerging theme deals with the changes that take place and also informs about thevarious innovations occurring in day to day life. It provides information regarding theevolving trends in business management. Moreover, it also provides its impact in the future.It also contains the range of contributions in the past and list of upcoming contributions to bemade. The advances in the technology have lead to an increment of various trends emergingin the oil and gas management industries as well. Digitalization is considered as a disruptivetechnology as it is focused on reducing the human labour and widening automation (Molina-Morales, Martínez-Cháfer and Valiente-Bordanova 2017). The paper gives a critical analysisof the emerging theme in oil and gas management. It also brings to light the current and thefuture impact of such technology implementation on the business. Finally, it also depicts thehow it should be implemented in the formulation of business strategies. The key emerging theme in the oil and gas management industry is the Automation(Crompton 2016). With the advent of technology digitalization has emerged widely. Asinnovation in digital technologies increased the oil and gas industries have also developed theknowledge of big data and derive great advantages offered by utilizing those data’s. Machinelearning is the most widely used concept of digitalization as the machines collects andprocesses the information on its own depending on the condition without human interference.Moreover, they posses advantage over humans as they provide much more efficient solutionthan those provided by the humans as the humans think by analogy (Henze et al., 2015).Another emerging trend in the oil and gas management is the consideration of the end usersrequirement. Implementation of digital technology will lead to an increased number ofproblem solving cases and will also help in enhancing the life of the consumers as the need ofthe consumers constantly changes, as now people are more concerned towards theenvironment. Thus, the digital technology is used to connect to the consumers.
Emerging Themes in Oil and Gas Management._2
2EMERGING THEMES IN OIL AND GAS MANAGEMENTThe digitalization incorporated various impacts on the current business. Throughdigital transformation the engagement with the consumers increases to a great extent.Moreover, with the implementation of the data analytics, real time operation and analyzationof data is possible. Furthermore, the performance of the industry enhances to a great extentand fault isolation techniques have also improved (Chaudhary and Chhabra 2015). Moreover,the implementation of data and analytics help identify the changing conditions and alsopredict the performance of the asset. Digitalization ensures the work order is proper as thisleads to the increase in efficiency of the workers. Drilling is considered as the most expensive process in the extraction of the oil ornatural gas. It is also a risky investment but with the Artificial Intelligence the planning canbe improved and better decision could be taken by the AI’s that could increase the real timedrilling risk recognition (Bello et al., 2015). The artificial intelligence considers numerousfactors before the initiation of drilling procedure such as thermal gradients and seismicvibrations. Moreover, it also aids in optimizing the drilling operation by providing certaindecisions such as the speed and the direction of the drilling. The automation is advanced tosuch an extent that it can also predict the failure of the equipments (Yip, Fan and Chiang2014). On the other hand, the large scale machine learning can help in taking decisions ofinvestment regarding the investment in exploration and production of new items. TheArtificial Intelligence also improves the operational performance by identifying newopportunities. The AI’s are capable of managing the reservoirs by integrating multiple areassuch as geology, seismic interpretation, physics and various other operations. The AItechnology can also be implemented in creating tools that would allow professionalunderstanding among the team assets. It can also be implemented to increase the productionlevel by characterising reservoirs (Yusuf et al., 2014). Furthermore, the digital technologycan be utilized for proper maintenance of the equipments as the AI’s have the capability to
Emerging Themes in Oil and Gas Management._3

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