DSDE Article Detail Page Digitalization Tops 2019 Industry Investment Survey

Judy Feder

SPE.org 

According to the latest annual survey from industry technical advisor DNV-GL, digitalization is a strong No. 1 in the top ten research and development (R&D) priorities for oil and gas investments in 2019, and challenges have shifted from barriers of adoption to those related to increasing adoption. Forty-five percent of survey respondents said they would invest in digitalization this year—more than twice the 21% who said they would invest in the second-ranked priority, subsea technology. Thirty-six percent of senior oil and gas professionals and 60% of total respondents said they plan to increase investment this year, from R&D to full-scale implementation. The prevailing sentiment is that digitalization is crucial to providing the long-term efficiency and productivity gains the industry needs to maintain its competitiveness over the declining cost of renewable energy over the coming decades. Value Creation A 2017 report by the World Economic Forum says digitalization has the potential to create approximately $1.6 trillion of value for oil and gas firms.