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New Delhi: Digitalization and data-driven innovation are transforming the oil and gas sector, enabling smarter operations, optimizing assets, and enhancing sustainability, experts said during the “Innovation and Digital Leap in Oil & Gas” panel discussion at the ET Energyworld SmartEnergy Summit 2024.
The adoption of advanced technologies like artificial intelligence (AI) is playing a key role in breaking down data silos and improving efficiency across operations. Dan Jeavons, Vice President of Computational Science & Digital Innovation at Shell, said, “Digitalization, combined with AI, has significantly improved safety, asset optimization, supply chain management, reliability, and integrity by integrating siloed data and driving actionable insights.”
Strategic use of data in Indian Oil & Gas
Indian companies are also leveraging data and innovation to address operational challenges and drive sustainable growth. Sheela Ranjhan, General Manager (Strategic IS) at Indian Oil Corporation Ltd, emphasized the importance of these tools for the energy sector’s future. “At Indian Oil, data and innovation are key drivers, enabling smarter operations, enhanced efficiency, and sustainable growth in the energy sector,” she said.
Similarly, Vimal Goel, Head IT at HPCL-Mittal Energy Ltd, highlighted the centrality of data and innovation in the company’s strategic direction. “Data and innovation are the backbone of our strategy at HPCL-Mittal Energy Ltd, enabling smarter decisions and sustainable energy solutions,” he noted.
The digital leap
The oil and gas sector has witnessed significant advancements in digital tools, which have transformed various aspects of operations, from safety management to supply chain optimization. Experts underscored that these innovations are critical not just for improving operational efficiency but also for meeting sustainability targets amid growing global pressure to decarbonize.
AI and data analytics have proven to be game-changers, enabling companies to predict maintenance needs, improve asset utilization, and enhance supply chain reliability. The integration of advanced digital tools has also strengthened decision-making processes, ensuring that companies can adapt to changing market dynamics effectively.
Outlook
With the Indian oil and gas sector navigating a period of rapid transition, experts stressed the importance of sustained investment in digital innovation to maintain competitiveness and meet future energy demands. As digitalization deepens, companies like Indian Oil and HPCL-Mittal Energy Ltd are setting benchmarks for leveraging data and AI to create smarter and more sustainable energy systems.
The summit highlighted that as the industry continues to innovate, collaboration across companies and industries will be crucial to scaling these digital tools for long-term impact.
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