Seven billion dollars—this is the sum that oil producers could save annually if they take advantage of all digital capabilities made available to them by a technology industry that’s been evolving at a breakneck speed. And this is just in the upstream segment, and just over the next five years, according to a report from Wood Mackenzie.
On the face of it, the fact that there are major savings to be had with digitalization is nothing new. More than enough has been written on the topic and there is undoubtedly more to come. What’s new, according to the report’s author, Greig Aitken, is the amount of new tech flooding the market and offering opportunities previously either unavailable or unaffordable for anyone but the supermajors.
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