Why “data is the new oil” and what happens when energy meets Industry 4.0

By Nicholas Waller PUBLISHED 19:42 NOVEMBER 14, 2018

Why “data is the new oil” and what happens when energy meets Industry 4.0

At the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) this week, the UAE’s minister of state for Artificial Intelligence, Omar bin Sultan Al Olama, went so far as to declare that “Data is the new oil.”

according to Pulitzer Prize-winning author, economic historian and one of the world’s leading experts on the oil & gas sector; Daniel Yergin, there is now a “symbiosis” between energy producers and the new knowledge economy. The production of oil & gas and the generation of data are now, Yergin argues, “wholly inter-dependent”.

What does Oil & Gas 4.0 look like in practice?

the greater use of automation and collection of data has allowed an upsurge in the “de-manning” of oil & gas facilities

Thanks to a significant increase in the number of sensors being deployed across operations, companies can monitor what is happening in real time, which markedly improves safety levels.

in the competitive environment of the Fourth Industrial Revolution, no business can afford to be left behind by not investing in new technologies – so strategic discussions are important.

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more on big data in this IMS blog
https://blog.stcloudstate.edu/ims?s=big+data

more on industry 4.0 in this IMS blog
https://blog.stcloudstate.edu/ims?s=industry