Though alternative energies continue to make gains, it’s still more cost efficient to drill and pump oil than to turn to renewables. But big oil is looking for ways to make it even cheaper, more efficient and with a smaller impact to the environment. In order to do this, they’re turning to tech.
Stabilizing profitability and margins is a major drive for big oil, pushing them away from traditional methods and toward innovation. In the near future, technologies like IIoT, artificial intelligence and wearables will cut operating costs, increase production efficiency, and refine asset management.
