November 2019

Columns

Digitalization: Maximize assets with a digital investment framework for oil and gas

Oil and gas investments are diversifying as the industry leans toward a more digitally conducive environment. Asset analysis was initially evaluated based on an asset’s technical parameters, pricing and operationality. In this new digital world, however, variables such as service quality, innovation, compliance, flexibility and scalability require quantification. Refinery data continues to be critical to evaluate investments, but is often incomplete.

Shong, F., Chung, W., Thapar, R., EY Oil and Gas, Ernst & Young LLP

Oil and gas investments are diversifying as the industry leans toward a more digitally conducive environment. Asset analysis was initially evaluated based on an asset’s technical parameters, pricing and operationality. In this new digital world, however, variables such as service quality, innovation, compliance, flexibility and scalability require quantification. Refinery data continues to be critical to evaluate investments, but is often incomplete. Fig. 1. Creating a refining “North Star” requires an end-to-end orientation and well-evaluated plan for capital expenditure (CAPEX) allocation for going digital. Source: EY Analysis. Digital techno

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