Oil & Gas Industry Investment in Digital Technologies Shows Resilience in Oil Price Downturn, Accenture & Microsoft Survey Re...
April 22 2015 - 8:03AM
Business Wire
Big Data and Industrial Internet of Things
Predicted to Grow Over Next Three to Five Years
Despite current lower crude oil prices, most companies in the
oil and gas industry plan to invest the same amount or more in
digital technologies, according to a new survey by Accenture
(NYSE:ACN) and Microsoft Corp. released today at the Microsoft
Global Energy Forum 2015. Survey respondents included international
oil companies (IOCs), national oil companies (NOCs), independents
and oil field services firms.
In the near term during the current low crude price cycle,
approximately three out of five respondents said they plan to
invest the same amount (32 percent) or more or significantly more
(25 percent) in digital technologies.
Over the next three to five years, approximately 80 percent of
the oil and gas industry professionals surveyed said they plan to
invest the same amount (18 percent), more (44 percent) or
significantly more (18 percent) in digital. Respondents from IOCs
and NOCs were the most bullish in the same time period.
Mobility, infrastructure and collaboration technologies
currently represent the biggest investment areas across the oil and
gas industry. Over the next three to five years, investments are
expected to increase in big data and the Industrial Internet of
Things (IIoT) and automation.
The key for continued digital investment in the upstream sector
is improving operational efficiency, rather than simply reducing
cost, as faster, more informed decision making and a more efficient
workforce were seen as the key areas where digital technologies are
adding value and creating business efficiencies. However, to get
the most value from digital technologies, oil and gas industry
leaders say they need to overcome several barriers, with work flows
and processes that create bottlenecks and physical and cyber
security issues topping the list.
Approximately 89 percent noted that leveraging more analytics
capabilities would add more business value, 90 percent felt more
mobile technologies in the field would increase value, and 86
percent said that leveraging more IIoT and automation would boost
value. Collaboration technologies were highlighted as an area that
could be increasingly used in upstream to create a more efficient
workforce and to make faster decisions.
“Oil and gas industry leaders continue to look to digital
technologies as a way to address some of the key challenges the
industry faces today in this lower crude oil price cycle,” said
Rich Holsman, global head of digital in Accenture’s energy industry
group. “Making the most of big data, IIoT and automation are indeed
the next big opportunities for energy and oil field services
companies, and many are already starting work in these areas. They
are increasing investments in enabling people and assets, with a
growing emphasis on developing data supply chains to support
analytics projects that can improve efficiencies, manage cost and
provide a competitive edge. Our survey tells us that companies who
do not continue to invest in digital technologies risk being left
behind.”
“Mobility and other digital technologies are gaining traction as
oil and gas players learn to use these technologies to make faster
and better decisions from the field to the front office,” said
Craig Hodges, general manager of the Gulf Coast District at
Microsoft. “Predictive capabilities to optimize maintenance and
maximize production can create value, and digital technologies also
support better use of scarce resources and talent, management of
more complex work, cost reduction efforts and innovation to remain
competitive and continue operating safely.”
The Microsoft and Accenture “Oil and Gas Digital and Technology
Trends Survey 2015,” conducted by PennEnergy Research in
partnership with the Oil & Gas Journal, surveyed industry
professionals worldwide, including engineers, geologists and
mid-level and executive management from the upstream, midstream and
downstream segments.
About Accenture
Accenture is a global management consulting, technology services
and outsourcing company, with more than 323,000 people serving
clients in more than 120 countries. Combining unparalleled
experience, comprehensive capabilities across all industries and
business functions, and extensive research on the world’s most
successful companies, Accenture collaborates with clients to help
them become high-performance businesses and governments. The
company generated net revenues of US$30.0 billion for the fiscal
year ended Aug. 31, 2014. Its home page is www.accenture.com.
Accenture Digital, comprised of Accenture Analytics,
Accenture Interactive and Accenture Mobility, offers a
comprehensive portfolio of business and technology services across
digital marketing, mobility and analytics. Learn more about
Accenture Digital at www.accenture.com/digital.
About Microsoft
Founded in 1975, Microsoft (Nasdaq “MSFT”) is the worldwide
leader in software, services, devices and solutions that help
people and businesses realize their full potential.
AccentureGuy Cantwell,
281-900-9089guy.cantwell@accenture.comorJustyna Devraj, + 44 20
7844 0090+ 44 750 012 4567justyna.devraj@accenture.comorWaggener
Edstrom Communications for MicrosoftRapid Response Team,
503-443-7070rrt@waggeneredstrom.com
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