The Fourth Industrial Revolution (4IR or Industry 4.0) has changed the world significantly and will further disrupt the way we work and live. Internet of Things (IOT), Big Data Analytics, Artificial Intelligence (AI) and Machine Learning (ML), robotics, advance materials and other technologies are blurring the boundary between the physical and digital world.
The oil and gas industry is very much impacted by 4IR. With improved sensors, connectivity in communications, and the capability of data analytics; productivity and reliability of business can be significantly improved. The application of robotics and drones make it possible to limit exposure of personnel to the field. Logistics are easily trackable and managed, while trading can be done in a more transparent and efficient manner. With 4IR, more informed decision-making can be made by data analytics, leading to evolving business models with a faster pace than ever before.
This panel session shall discuss the oil and gas industry’s vision of embracing and adapting 4IR and will address how to turn this vision into reality. As our industry is agile in adapting 4IR, the session shall also discuss examples of the current realised value and impact from this transformation. The session will cover the challenges and concerns of the capitalisation of 4IR. The fate of our industry is very much intertwined with 4IR and industry survival means adapting to it.