There are several perks associated with integrating the IoT in the oil and gas industry. IoT has used technology to facilitate the managing and controlling of sensors and devices that engage in cloud computing. It has been a great revolution for the oil and gas industry by considerably increasing the productivity rate and minimizing the margin for better financial growth. It can be cost-effective, increase productivity, avoid dangers and ensure the proper functioning of the pipelines and equipment. Besides these few other benefits are as follows.

Increase revenue

The oil and gas industries have always been in stiff competition. The reduced oil prices over the years have considerably increased the competitiveness between the oil and gas industry. Nearly all companies are looking for new strategies which can increase their revenue and at the same time help to tighten their margins. But a short term cost cutting is sure not to help the industries in the long run. This is where IoT comes into light. It helps to reduce the cost and also increase the productivity of the machines and equipment by identifying even the slightest error and giving real-time alerts. It increases and enhances the accuracy of demand predictions effectively streamlining expensive processes. 

Enhanced decision making

Using IoT, operators can make better decisions. Pinpointing the slightest errors and getting real-time updates and analytics about the machines and equipment, the companies can make better and smarter decisions. With the data to back up, the decisions can help in boosting productivity and better strategies to seize the market and opportunities. Identifying the errors and flaws within the machines earlier will also help to prevent loss of equipment. 

Reduced safety hazards

Getting real time updates with IoT helps in reducing safety hazards. Any hazards that affect the oil and gas industry can cost the company billions of money. And in more unfortunate cases can even result in loss of lives. Using IoT and its alert system these can be prevented. When any of the pipeline or equipment shows any faulty functioning or hints anything like a leak, the sensors give instant warning to the operators who can take action immediately to prevent a major outbreak or a safety hazard. 

Remote management of assets

It helps the operators and company to manage the assets remotely without being present on site. It boosts productivity and also increases the efficiency of the work. With the help of IoT, the oil and gas industry can stay at work all time watching out for the efficiency of the machines as well as preventing any sort of leakage. IoT can be used to decrease the non-productive time in the workspace which is tremendously helpful for the industry. It can be used to schedule preventive maintenance and predict breakdowns. 

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The use of IoT sensors can aid oil exploration by monitoring the subsurface drilling sites to optimize the output of operational sites and select new drilling locations. It also aids data collection and transfer of data to the servers to get a clear picture of the subsurface site. The IoT empowered system improves the existing and new rig productivity, reducing the time required for data analysis and site selection. Furthermore, IoT-driven systems enable data management, predictive asset and risk management, etc, improving the performance of the oil and gas industry.

Application of IoT in the Oil and Gas Industry

Several big names including Microsoft and Azure are investing in the IoT to bring about revolutionary changes in various sectors. Aesthetix has also joined hands with several leading companies and industry leaders to bring about IoT to increase productivity and maximize efficiency. There are several applications for IoT in the oil and gas industry including but not limited to refinery monitoring.  Companies use the Internet of Things to monitor the pipe thickness, flow rate, pipe pressure etc. Collecting all these data manually could be time-consuming. But with IoT, this can be done easily. The pipes in the refinery need to be monitored constantly for their flow, pressure etc. Not every part of the refinery can be run at the same pressure. IoT can help monitor this and help operators gain insights.

It also helps in preventing pipe leaks. A methane leak could tarnish not just the operation of the pipeline but also the reputation of the company. IoT helps prevent this with its smart monitoring. More key points can be monitored using very little money. It also helps with supply chain management, helping to detect where each type of crude oil is stored and which type of crude oil blend is incoming.  Remote monitoring of the storage tanks for industrial liquids and hazardous substances. LPWAN, (Low Power Wide Area Network), a brainchild of IoT, is a gamechanger in the oil and gas industry. It enables real-time tracking of rig structure giving important details like strain, vibration etc.