The oil and gas industry is increasingly deploying digital twins to improve decision-making, according to GlobalData. As lockdowns across the globe have significantly impacted the demand for energy, the need to extend asset life, increase utilization and optimize operational efficiencies have become the focal point. Digital twins are key to achieving these objectives and ensuring sustainable operations in the long run.
According to GlobalData’s latest report, ‘Digital Twins in Oil & Gas,’ the groundwork for this technology may have been in place for some time, but its actual deployment was seen only when profitability was at risk.
Ravindra Puranik, Oil & Gas Analyst at GlobalData, comments: “Companies have started to build models that will provide answers to ‘what if’ or ‘what will’ questions. By replicating an asset or a portion of it in the virtual world, companies can run simulation tests on real-world problems and visualize the results in 3D. This is helping project engineers to improve their understanding of the asset, thereby enabling them to optimize its performance as per the market requirements. Thus, digital twins are gradually becoming integral to oil and gas operations.”
Our TwinWorX platform allows users to test what-if scenarios and simulations of risks and vulnerabilities by using virtual Digital Twins instead of physical environments. Having this ability additionally allows users to extend asset life using historical trends and analysis to better understand usage, wear, maintenance and performance.