Date :Aug 1, 2022
Oil and gas companies across the globe are facing disruption — from the rise of renewables and more competition, to a changing regulatory environment and more. Here’s how PlantStream can help you stay ahead of your competitors.
The oil and gas industry is changing. With more customers choosing options like alternative energy, and U.S. states implementing more environmental regulations, oil and gas companies have to switch up their energy mix and invest in technologies that will help them modernize while cutting costs.
Here are some great ways PlantStream’s automated and advanced computer-aided design (CAD) technology can help utilities meet their business goals.
2. Cost savings: The oil and gas industry is still a significant component of all major world economies. According to some estimates, the 2021 global market size of oil and gas production was $2.2 trillion⁴ and was expected to increase by nearly 10% in 2022.
But the nature of the industry is changing. Consumers are demanding more environmentally-friendly energy options, and industry players must reduce their carbon footprint. As a result, even though the market for oil and gas is still enormous, it’s half the size it was in revenue just a decade ago.
Utilities now need to innovate to save costs — and digital transformation has a significant role to play. PlantStream’s CAD software is a powerful digital tool in the engineer’s arsenal that can help utilities save money by reducing the time to plan and construct infrastructure, and avoiding expensive construction errors.
3. Environmental rules and regulations: In many countries, utilities now face strict environmental regulations. Many also have to contend with the logistical impact of climate change. For example, California’s hotter summers have resulted in more wildfires in the last two decades than ever before. Consequently, it’s becoming increasingly important for utilities to consider how the conditions that make these wildfires more common and dangerous — like drought and hot, dry air — affect their infrastructure designs. Companies need to do careful planning to ensure they don’t contribute to or become victims of these new environmental conditions.
Additionally, utilities are being asked to reduce their greenhouse gas emissions. One way of doing this is to make processes more efficient and reduce electricity waste. For example, utilities can use PlantStream’s CAD technology to increase precision piping details design, making the process of designing an environmentally-friendly infrastructure smoother. The ability to create advanced blueprints can also help engineers determine how to anticipate and manage adverse events like wildfires, which can cost utilities millions of dollars⁵.
4. Competition: Many oil and gas companies face a host of financial challenges. There’s the emphasis on a switch to alternative energy, requiring many companies to pivot from their standard energy and production mix. Then there are the environmental targets they must meet, which can be costly. At the same time, customers are demanding lower energy prices. Utilities set on staying competitive and offering consumers competitive energy rates must look for ways to become more advanced while also cutting costs. Technologies such as PlantStream’s software make it easier to achieve these goals. By reducing labor costs, utilities can invest in offering customers lower rates and other benefits.
5. Digitalization: As the oil and gas industry adapts to current market demands, many utilities are going through a digital transformation. The analysis of big data, the latest artificial intelligence (AI) technologies, robotics, and software can all play a role in transforming workflow and processes across organizations. Some of the ways in which utilities are changing include implementing high-speed internet via 5G, investing in robots and drones to monitor plant activities, and using CAD software to help engineers build their designs.
6. Expertise: PlantStream’s CAD technology is meant to be used by experienced engineers, but the software itself can be easily implemented⁶. Once installed, the technology can quickly, easily, and accurately help engineers construct 3D plot plans from anywhere in the world.
7. track record: PlantStream has already gone through a trial period, giving new users the assurance that it’s been tried and tested by other engineers. Launched in August 2020 as an affiliate of Chiyoda Corporation, it moved out of Beta mode in April 2021. When it comes to investing in CAD technology, there are numerous options in the market. But plant design isn’t only risky; it’s also expensive. For these reasons, it’s essential to invest in CAD software with a proven track record.
8. Stay relevant: There are numerous benefits to investing in advanced technologies like CAD, robotics, and AI. Whatever your business, it’s important to stay relevant. Utilities are being asked to innovate and adapt to a changing oil and gas industry, and technologies like PlantStream are breaking the model. Making use of the latest, relevant software could be a game-changer for companies trying to stay competitive in a changing market.
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