| | SEPTEMBER 20218E ERGYTech ReviewIN MY OPINIONThe oil and gas industry is facing numerous challenges today. Not only is the commodity price dependent on market demand and supply conditions, but several other factors, such as natural disasters and most recently, the pandemic of novel corona virus (COVID-19), have negatively impacted the future of the industry and immensely affected the economics of keeping the trade profitable. Most of the industry is still heavily dependent on manual labor, requiring competent personnel to run efficient operations. However, it is incredibly challenging to keep the profits afloat, especially during the global downturn impacted by COVID-19. The industry is also committing to transition towards clean energy while maintaining the highest safety and environmental protection benchmarks. How can this be achieved? How would the industry sustain itself and overcome the current challenges? The short answer is through digital systems transformation and implementation. With progressively more implementation and application of digitization in the oil and gas process and methodology, some of the difficult or undrillable wells are being drilled and completed while meeting the key performance indicators. As a result, productivity and profitability is preserved and accompanied by safer and flawless operational execution. Over the last two decades, Frank's International has focused heavily on reducing operational costs, maintaining safety standards, mitigating operational risks, and reducing personnel working in the red zone. Founded in 1938, Frank's International is a global industry leader in highly engineered Well Construction and Well Intervention solutions. With the advancement of digital technologies, Frank's primary focus is to preserve wellbore integrity and optimize the well construction process of the most complex wells through automation, THE FUTURE OF OIL AND GAS INDUSTRY WITH DIGITAL SOLUTIONBy Azfar Mahmood, Product Manager, Digital Solutions at Frank's International
< Page 7 | Page 9 >