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Creating Value with Digital Twins in Oil and Gas

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Creating Value with Digital Twins in Oil and Gas

Boston Consulting Group,

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To stay relevant, oil and gas companies must adapt to changing technology while still keeping an eye on value.

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Editorial Rating

8

Qualities

  • Analytical
  • Applicable
  • Concrete Examples

Recommendation

For those in the oil and gas industry, deciding how to implement digital twin technology – that is, virtual duplicates of physical tools – can be a challenge. Many fumble over deciding which cases to prioritize, thus overlooking the importance of creating value. Experts from the Boston Consulting Group outline several critical steps, specifically for oil and gas industry leaders to create digital twins that work for them – and to avoid investing in technologies that don’t. While heavily weighted with jargon, the analysis is full of concrete ideas and useful examples.

Summary

Properly implemented, the use of digital twins can revolutionize the oil and gas industry.

For legacy and new upstream developments alike, digital twin technology – that is, virtual duplicates of physical tools – can create models that streamline real-world processes in oil and gas production. Twins can be simple or complicated, depending on what creates the most value for the company. For example, those hoping to “improve the regularity of the flow of hydrocarbons in upstream operations” could test the impact of possible...

About the Authors

The Boston Consulting Group advises top companies on global business strategy. Håvard Holmås et al. are Europe-based leaders at the firm.

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