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Consortiums and partnerships are the way forward when it comes to digitalizing oil fields.

Oil & Gas Companies are beginning to take advantage of digital technologies to lower costs and improve efficiency as the industry copes with low energy prices. Digitization has become competitive differentiator and increasingly, a necessity. We are continually developing our business, digital offerings and partnerships to match the needs of our customers, partnering with them to embrace the transition and enable their businesses to be stronger long-term.

In an industry where joining forces has not always been the norm, companies in the Oil and Gas Industry are beginning to realize that two, three or more hands are better than one when it comes to creating change and realizing the improvements they need to increase their business performance.

The global Digital Oil Field – DOF market is expected to reach 31 billion USD in the next four years, growing at a CAGR of 4.3%. The main drivers for such technology continue to be the need to improve production performance, drill smarter and better reservoir management. The collaboration of technologies and expertise within consortiums and partnerships can create the results that oil and gas companies strive towards.

In order to deliver the desired results that oil and gas companies are looking for, I am a strong proponent of consortiums and partnerships to help them reach their targets and goals. In fact, I am convinced it is the best way to approach the future.

We recently formed such a consortium for Kuwait Oil Company. I see more and more companies, especially in the Middle East showing a desire to take advantage of the latest DOF technologies and make their businesses more competitive and stronger going forward.
Our mission is to work together with our partners to give companies like Kuwait Oil Company a package of “best in class” Open solutions for their upstream, midstream and downstream business. Based on our experience in the industry, we can advise for them the best available and open technology and solutions that are best suited for their requirements.

Our new DOF consortium consists of more than 100 globally recognized digital oil field experts. Hint is proud to be one of the consortium members together with Middle East Oilfield Services (MEOFS), Technical Toolboxes and IPCOS. We provide Consulting and Implementation of technology independent solutions with an integrated and collaborative approach.

The companies that are most successful at operating remotely, and using data wisely, will claim big rewards since production rates are estimated to increase substantially with a digitalization program. DOF can unleash the potential of existing reservoir, which is estimated to be average of 30% utilization worldwide. The International Energy Agency projects that global oil demand will still be growing by 2035 with more people using cars and as extraction becomes even more difficult. In the US, Chevron has been quoted as estimating its savings to be around 1 billion dollars a year due to the digital updates it has implemented. There has been innovation happening with the major service providers, although slowly, and with major IT companies, but there is plenty of room for improvement. Some of the code used in the older systems, for example, is at least 20 years old.

Developments that are enhancing drilling are also helping to reduce the impact on the environment by producing resources more effectively. With greater energy efficiency and safety, the digital oil field is set to help global oil and gas companies to move forward along with the progress seen in other industries. We at Hint are going to be there to guide them and help them find the most cost-effective and useful ways to tackle their modernization because as I keep saying: collaborative innovation is the only way forward for the industry.

Wout Last – Hint president