I n d i a D r i l l i n g & E x p l o r a t i o n C o n f e r e n c e - I D E C 2 0 2 2
15th India Drilling & Exploration Conference ( IDEC )
I n d i a D r i l l i n g & E x p l o r a t i o n C o n f e r e n c e - I D E C 2 0 2 2
Technology has become one of the key strategic enablers of competitive advantage . But with a wide spectrum of digital investment and opportunities under horizon , Oil and Gas leaders face a challenge in prospect of deciding where to invest first and beyond . Therefore , advances in digital technologies have the potential to allow the industry to respond effectively to changes in the market . The industry must find ways to adapt their businesses to be competitive in the new environment and digitalization can help drive this transformation . When the speed and cost of decision-making is very high , and the companies engage in a time-consuming process to comprehend the root cause of problems , it is the digital layer that assists the decision-making to become efficient and effective .
A large part of the country ’ s population requires an affordable energy . And as the population is increasing , the demand of affordable energy is also increasing . At this point in time , the renewable cost is a little high . Therefore , it is essential to research and strive for means that lead to cost reduction to make the availability of resources on a sustained basis around the clock .
Water is a big challenge as well . As the Oil & Gas industry consumes a lot of water , the government and companies need to ponder over the future of the industry whether it would be able to consume this much amount in the future to come , and if yes , then how . Also , the produced water is not suitable for any use , technological solutions should be used to that make the water useable for other purposes .
A major concern highlighted is the market stability for a sustainable future of oil and gas . The prices have been fluctuating so much in the Oil & Gas industry from $ 30 per barrel to above $ 130 per barrel , and now currently around $ 100 per barrel . Oil prices above $ 60- $ 70 per barrel would most likely complement or boost the energy development in the coming future . But if the prices would keep on fluctuating , it would affect the business moves or investment decisions . Therefore , there should be stability in the prices . This requires a shared responsibility achieved via dialogue and cooperation . The Global energy security is linked to the supply and demand of oil . It is vital for having a constructive dialogue between the producers and consumers to endorse their mutual interest in stable , transparent , and predictable oil markets , eventually meeting the market needs of individuals and business , as well as the rich and poor nations alike . It is also required to have access to accurate energy data and information for market predictability and stability , and to make the right decisions . As global energy demand will most likely rise , the unpredictability of prices will increase as well , it is necessary to keep pursuing measures for energy efficiency .
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