Japan's Inpex Corp. (Inpex) and Mitsubishi Heavy Industries, Ltd. (MHI) reported Wednesday that they have concluded a memorandum to jointly study solutions for various technological challenges in the energy sector.
Under the memorandum, Inpex and MHI intend to establish a working committee and address technological solutions including utilizing the Internet of Things (IoT) and robot technology to further optimize oil and gas production operations, the companies said Wednesday in a joint press release.
Both companies said the application of IoT -- a system where objects are connected to each other via the internet enabling object-to-object and/or object-to-human communications -- to oil and gas operations could produce benefits, including optimized development planning and reduced development and operational costs.
"Going forward, Inpex and MHI will strive to create innovative business models and opportunities transcending conventional frameworks through the joint study," according to the press statement.
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