Ushering in a New Era of Oilfield Innovation With the Internet of Things

The Internet of Things (IoT)—the connected network of Internet-enabled physical devices that collect and exchange information with each other—is rapidly growing in both acceptance and applicability across a number of industries.
This trend shows no signs of slowing down. Studies predict that by 2020, the IoT will include nearly 50 billion devices worldwide with 212 billion sensors producing 44 zetabytes of data. These devices, the “things” in the IoT, include everything from smartphones and automobiles to valves and pumps in industrial plants.
The growing momentum of IoT adoption is mainly driven by the reduction in cost of connectivity and computation. According to market studies, over the past 10 years, the cost of sensors has been cut in half, the cost of bandwidth has dropped by a factor of 40, and the cost of processing has decreased by a factor of 60. Although further efforts are required to lower the cost of sensors, the number of new IoT use cases has grown and a greater number of technology companies are developing IoT-specific services and technologies ranging from sensors and chip sets to platforms and software systems. The main barriers to IoT adoption by industries—network security and scalability—have also been addressed, with reliable and highly secure communication systems and analytics.
...If you would like to continue reading,
please Sign In, JOIN SPE or Subscribe to JPT
Ushering in a New Era of Oilfield Innovation With the Internet of Things
Mehrzad Mahdavi, Vice President Digital Solutions, Weatherford
01 July 2017
Chesapeake Teams with Analytics, ML Firm to Improve Asset Performance
The Oklahoma City independent has a new-look portfolio and new operational and financial priorities. And now it has enlisted an energy research firm to leverage advanced analytics and machine learning to help get the most out of its assets.
To Solve Frac Hits, Unconventional Engineering Must Revolve Around Them
The struggle to overcome the challenge of frac hits has led to a critical dialogue about which pathway the shale sector should take. One idea is to simply put the problem at the center of every major decision.
The Oil and Gas Chat Bots Are Coming
The technology is being proven in millions of phones and homes across the world. Now, a small group of software startups wants to introduce chat bot technology to oil and gas professionals.
ADVERTISEMENT
STAY CONNECTED
Don't miss out on the latest technology delivered to your email weekly. Sign up for the JPT newsletter. If you are not logged in, you will receive a confirmation email that you will need to click on to confirm you want to receive the newsletter.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT