In the current industry environment, petroleum industries have to start treating data just as they treat hydrocarbon. Data need to be generated, communicated, stored, and processed. Companies will reap significant value by developing an integrated affiliate IoT strategy with an motive to transform the business.
Applications of IoT in the petroleum sector are endless. The upstream industry loses billions of dollars every year due to nonproductive time (NPT). IoT could be used to help reduce NPT events by using real-time data to predict breakdowns and schedule preventative maintenance. Big amount of store data can be integrated with actual field data to procedure well placement and flow rates. Problem will be prevented and processes can be optimised.
The mid-stream business has the challenging exigent task of transfer variable volums and levels of commodity from various locations to new users and trade. Connecting pipeline networks, sensors, leak detection, alarms, and emergency shutdowns to interact seamlessly and to be available for analysis and interpretation in real time would significantly reduce some of the major risks that this sector of the industry deals with.