Oil Industry Digitalization 'Way Behind' Aviation, Automobile Sectors

Oil Industry Digitalization 'Way Behind' Aviation, Automobile Sectors
The oil and gas industry is way behind sectors like the aviation and automobile industries in terms of digitalization, according to Bob Dudley, BP plc's group chief executive.

The oil and gas industry is way behind sectors like the aviation and automobile industries in terms of digitalization, according to Bob Dudley, BP plc’s group chief executive.

“When you look at the nuclear industry, the power industry, the automobile [industry], aviation - the amount of sensors and data generated in that industry to be able to know what is happening almost real time on airplanes - the oil and gas industry is way behind,” Dudley said in a discussion with GE Chairman and CEO Jeff Immelt at the GE Oil & Gas conference in Florence, Italy.

Commenting on the benefits of digital implementation, Dudley highlighted that this technology could increase safety and knowledge in the oil and gas sector.

“It should keep people away from dangerous places,” he said.

“No one’s ever been to a reservoir but having a sensor down there should teach us more,” he added.

In a frank conversation with Immelt, Dudley also revealed to delegates at the conference that BP had faced some substantial challenges in the recent past.

“Our circumstances have certainly been challenging, we faced almost oblivion…when your debt becomes untradeable that’s a problem and we were there for a little bit,” Dudley said.

Discussing some of the BP Chief Executive’s methods for coping during this sustained period of difficulty, Dudley said that staying good humored was important.

“I do think when you’re in long, sustained periods of difficulties, you actually have to retain a sense of humor. Otherwise everything becomes too difficult,” Dudley said.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

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