4 Top-Class IoT Solutions That Are Transforming The Oil And Gas Industry

By Sanjeev Verma

Oil and gas industry is adopting smart IoT techniques to simplify the operability and plant processing. Moreover, the industry frequently faces oil price fluctuations, thefts, pipeline vandalism, and many such challenges that demand innovation, which is greatly possible through IoT.

The major benefits of using IoT technology in the oil and gas industry include:

• Cost-savings
• Streamlined processing
• Accurate forecasts
• Improved decision-making
• Operational efficiency

These benefits are the reason that IoT is empowering the oil and gas sector to reach $39.40 billion by the end of the year 2023. Wearable devices, equipment, vehicles, and any other assets used in an oil and gas factory can be embedded with sensors or the latest software to enable interconnectivity and increase production rates at a significant level.

IoT is a technology that utilizes the capabilities of sensor devices which extracts valuable data from the assets. The data is further stored on a cloud-based platform and is reflected on a digital dashboard with real-time information regarding the equipment performance and inventory levels in the O&G sector. Moreover, the sensors help measure the levels of oil, pressure, and flow rates that significantly reduces the expensive equipment usage.

Best Suited IoT Solutions for the O&G Sector

O&G sector faces a lot of challenges, especially when the equipment is installed in the remote areas. It becomes difficult for the employees to manage on-site distribution networks through which the oil is supplied to every corner of the world. Also, transporting oil via trucks and managing the supply chain process is a challenging task for there might occur mishaps like oil thefts or spills and result in harmful tragedies.

The oil and gas sector mainly function in a volatile environment. Underground extraction of fuels and their transportation is a very complex task and involves lots of big equipment to manage and monitor these processes. IoT technology is one of the best ways to mitigate all the possible risk factors and ease out the criticality of the equipment usage in huge oil refineries. The sensor devices are installed on assets like distribution pipelines, drilling equipment, oil wells, and many others to fetch real-time information for better productivity. Here are a few benefits of using IoT solutions for multiple areas in the oil and gas industry:

• Attain real-time field data
• A cost-effective way for oil distribution
• End-to-end pipeline connectivity
• Effective supply chain management
• Preventative maintenance
• Sustainable environment
• Remote asset management

Many IoT applications are widely used in the oil and gas industry for better productivity. IoT technology allows you to track the live status of the drilling machines to perform safe fuel extraction. Also, when the sensors are paired with a reliable Industrial Internet of Things (IIoT) platform, it offers better decision-making strategies for increased productivity.

Energy Monitoring Solution

A smart energy monitoring solution helps monitor the exact amount of energy consumed by a machine. It is beneficial to track effective utilization of energy resources and determine the overall consumption of the entire factory unit. It is an IoT-powered solution that consists of embedded sensors, meters, and other IoT devices to fetch real-time and accurate data for better decisions.

Applications:

• Improved Facility Efficiency
• Equipment Availability Monitoring
• Microgrid for Optimum Power Consumption

An IoT-enabled energy monitoring solution holds the potential to help reduce energy consumption and boost facility performance. It is also an economic step towards getting real-time energy consumption insights, increased ROI, and cost-effective installation. This is the best solution to predict future energy needs for your machinery or factory floor equipment. Moreover, IoT empowers in controlling the energy supply by enabling two-way communication through latest sensor devices.

Oil/Fuel Theft Solution

There are high chances of oil/fuel theft during fuel transit or in oil distribution pipelines as they are established remotely. With the help of this solution, you can track the oil volume in a tanker and even detect the leak areas in the pipelines located anywhere. It is an IoT-powered system that utilizes volume measuring sensors, which help detect even a minute change in the fuel levels and immediately alert the authorities.

Applications:

• Fuel-tanker monitoring
• Oil-theft prevention from tank farms

This solution allows you to carry out the oil/fuel transit processes more safely by eradicating the chances of unwanted explosions. Implementing an oil/fuel theft solution helps hinder free oil transportation and generates immediate alerts. It thus reduces environmental pollution by detecting leaks and preventing oil spills. You can install this solution at a very cost-effective price and enjoy increased ROIs.

Gas Monitoring Solution

Implementing an IoT-powered gas monitoring solution allows you to keep a real-time check on gas concentrations, ensuring the workers’ and equipment safety in hazardous industrial environments. Moreover, it helps maintain proper oxygen levels with the help of gas detection sensors for the workers working underground especially in mines. It uses IoT concepts like predictive analytics to collect data on a centralized platform and analyze it to make improved decisions.

Applications:

• Instant detection of toxic gas leaks
• Fire hazard prevention
• Measure oxygen levels

With the help of this IoT-powered solution, you can instantly detect the presence of toxic gases in the plant or factory. Additionally, it is an efficient solution to identify gas leaks within the facility to avoid explosions. It is easy and quick to install solution with beneficial features to keep the industrial facilities safe and prioritize employee safety.

Level Monitoring Solution

Detecting liquid levels is a very complex task to be done with traditional equipment. Thus, a level monitoring solution is implemented to ensure accuracy in liquid levels, even when it is being transported through tankers. Using the Internet of Things, this solution is uniquely designed to help provide control of water/oil flow through a mobile device. You can even implement this solution to detect oil/fuel levels in huge reservoirs and keep track of the amounts generated, consumed, or supplied.

Applications:

• Tanker level monitoring
• Weather forecasting and modelling
• Smart irrigation practices

With the help of the level monitoring solution, you can optimize the demand and supply by keeping a real-time check on the liquid levels. It is an IoT-powered solution that helps trace leaks and thefts in real-time and generates alerts for immediate actions. Using this solution you can reduce manual operations significantly and everything can be operated through one single platform.

As technology is replacing the traditional methods of industrial processing, leveraging IoT solutions in the oil and gas industry is mitigating the risks of oil spills, reduce harmful carbon emissions, and enhancing the efficiency of the refineries to a greater extent. Moreover, the use of IoT concepts is helping curb excess energy usage for better productivity.

The solutions such as energy monitoring, oil/fuel theft, gas monitoring, and level monitoring are the most essential systems which when implemented help limit the adverse industrial impacts on the environment. Also, as everything is going digital, these solutions are beneficial from a business perspective due to their high-end capabilities of performing automation, efficient management, and real-time data collection. If you are owning an oil and gas industry and are looking forward to transforming your business to an advanced level, IoT is the technology for you.

Sanjeev Verma is the founder and CEO of Biz4Group, based out of Orlando, FL. He has conceptualized the idea of Biz4 Brand and founded Biz4Group and Biz4Intellia. He has 20+ years of experience in boosting IT-based startups to success. In the past, he has worked on leadership positions with Marriott Vacations, Disney, Mastercard, State Farm, and Oracle. The company headed by him excels in developing, implementing, and monitoring digital solutions ranging from IoT solutions and products, mobile and web development, and digital marketing to full stack development and CMS solutions.