APM 4.0 brings digital transformation to the oil field

APM 4.0 brings digital transformation to the oil field

Mohamad Awad, Regional VP for the Middle East, North Africa and Pakistan at AVEVA discusses how new developments in asset performance management can play a transformative role at the region's oil companies even in a challenging economic climate - thanks to technologies such as IIOT, AI and big data.



In the current low-price environment, asset utilization, cost control and regulatory compliance have become the industry's top concerns as oil and gas companies struggle to maintain operating profits. With their high capital values, better utilization rates can help improve efficiencies and reduce costs across the sector, whether in terms of upstream production, midstream throughput or downstream processing. Budgets remain a strategic issue, particularly with high costs from manpower and maintenance. Environmental concerns have increased regulatory oversight.



Consequently, oil and gas operators are turning to the Industrial Internet of Things (IIoT) and other new technologies to optimize operations and boost revenue streams. In fact, researchers estimate that the market for IIoT in O&G worldwide alone could reach $39.4 billion by 2023.



Asset performance management (APM) has a major role to play in driving these improvements across the board. Gartner defines APM as a set of software applications and tools that improve the