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Bits, Bytes, and Barrels: The Digital Transformation of Oil and Gas
The oil and gas industry is at a crossroads.
Recent low prices, rapidly growing alternative fuels like renewables, the permanent swing from peak oil to super abundance, shifting consumer preferences, and global pressures to decarbonize suggest a challenged industry for the foreseeable future. Digital advances offer ways to lower costs of production, improve productivity, reduce carbon emissions, and regain public confidence. A wait-and-see attitude to digital innovation has failed many industries already, and the leaders of oil and gas urgently need guidance on how digital both disrupts and enhances their industry.
Written by the world’s leading experts on the intersection of digital technologies and the oil and gas industry, Bits, Bytes, and Barrels sets out the reasons why adoption is slow, describes the size and scale of both the opportunity and the threat from digital, identifies the key digital technologies and the role that they play in a digital future, and recommends a set of actions for leaders to take to accelerate the adoption of digital in the business.
Providing an independent and expert perspective, Bits, Bytes, and Barrels addresses the impacts of digital across the breadth of the industry—from onshore to offshore, from upstream to midstream to integrated—and outlines a roadmap to help the decision-makers at all levels of the industry take meaningful action toward promising and rewarding digital adoption.
Recent low prices, rapidly growing alternative fuels like renewables, the permanent swing from peak oil to super abundance, shifting consumer preferences, and global pressures to decarbonize suggest a challenged industry for the foreseeable future. Digital advances offer ways to lower costs of production, improve productivity, reduce carbon emissions, and regain public confidence. A wait-and-see attitude to digital innovation has failed many industries already, and the leaders of oil and gas urgently need guidance on how digital both disrupts and enhances their industry.
Written by the world’s leading experts on the intersection of digital technologies and the oil and gas industry, Bits, Bytes, and Barrels sets out the reasons why adoption is slow, describes the size and scale of both the opportunity and the threat from digital, identifies the key digital technologies and the role that they play in a digital future, and recommends a set of actions for leaders to take to accelerate the adoption of digital in the business.
Providing an independent and expert perspective, Bits, Bytes, and Barrels addresses the impacts of digital across the breadth of the industry—from onshore to offshore, from upstream to midstream to integrated—and outlines a roadmap to help the decision-makers at all levels of the industry take meaningful action toward promising and rewarding digital adoption.
- GenresNonfictionBusiness
290 pages, Paperback
First published January 8, 2019
73 people are currently reading
128 people want to read
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Displaying 1 - 30 of 51 reviews
February 16, 2024
To be honest, I felt like Alice in Wonderland while reading this book...( This feeling was due to my lack of awareness, there is no fault with the book) As someone who lives in the Middle East and whose economy is tied to the oil and gas industry, I was curious about reading this book... While reading it, I came to the conclusion that this book can be a useful book for all policy makers in the oil and gas industry and people who work towards the digitalization of this industry, but how much can it be for the general audience (those like me who does not work in this field) I am not sure if it will be useful...
Anyway, I enjoyed reading this book and I am grateful to the Booktester team and its author for giving me a copy of this book in exchange for an honest review.
Anyway, I enjoyed reading this book and I am grateful to the Booktester team and its author for giving me a copy of this book in exchange for an honest review.
September 23, 2020
In the junior year of my college (almost three years now) we organized an event on this theme: The Digital Transformation of Oil and Gas Industry. I had spent an year or so learning the digital technologies like Data Analytics and IoT myself, and I just wanted everyone in my college to learn about them too. Back then I was highly fascinated with this trend, but I always lacked words to spread my enthusiasm about it. In fact, I was asked to explain what I meant by this during my job interviews, but I fumbled and failed. It was always so hard to explain how digital technologies are engaging in Oil & Gas Industry to the recent graduates, let alone veterans of the industry. This book gave me words to express myself. It's filled with case studies and insights, for me it was a page turner. However I felt that if you are not familiar with digital technologies and terms then you might struggle a bit.
December 23, 2020
This is a good book to read if you haven't read anything about digital, nor its potential impact on the oil and gas industry. It was a bit dry at times, but most of the content is helpful.
December 3, 2023
You would love this book if you are interested in this subject but as person who read this subject for the first time i liked the book, but the writer could just make it more simple there were too many unnecessary information
August 17, 2022
BITS, BYTES, AND BARRELS: Thoughts
An exploration of the “Digital Transformation of Oil and Gas” by authors, Geoffrey Cann and Rachael Goydan (2019).
On the face of it this is a difficult book. A dry topic and its commodity, oil, is in the middle of driving up inflation. As I read, prices gyrated upwards, and being a slow reader, they began a downward descent. Oil, it is a dirty business.
However, the authors, do a very fine job of explaining, elaborating, and giving insight to a very tough industry. It is tough – but once you produce the stuff, the ‘oil cartels’ take over. How much it costs you to find, extract and get the oil to market, well that is your problem. Keep in mind that since the book was written, we saw the oil bust of the pandemic, and the price gouging of the Russian/Ukraine crisis. Fear and greed stoke the price of oil, like few other commodities. It is hard to change your ride mid tank of gas, if you know what I mean.
The authors explain how “digital innovation is playing a decisive role in the fortunes of oil and gas as a driver of three big changes” by:
• expanding the supply of hydrocarbons,
• lowering production costs and increasing productivity, and
• the erosion of the demand for fossil fuels.
There is however another player that is pushing back on Oil (and when I say oil, I mean it in all its forms and derivatives) and that is climate change. However, learning to use less oil and to use it less wastefully as we diverge to greener forms of energy over the next 20 to 30 years makes good sense. However, will the companies be motivated to invest in a cash cow industry that is past if growth days? The authors touch on this and other issues, both in the book and in a series of cases that they present as part of their analysis.
The authors also explain that digital is “Data, Analytics and Connectivity.” That too makes sense. These building blocks are based on the computer chip and subject to the constant pressures and ameliorations offered by Moore’s Law and how it quickly lowers costs and makes yesterday’s technology obsolete.
Where the automation and digitalization come into play to a significant varied degree are as far ranging as:
• autonomous cars and transportation services;
• artificial intelligence, machine learning, and robots;
• voice, interpretation, and translation;
• electrical power generation;
• residential automation;
• wearable technology, such as Google Glass or smart watches;
• business-to-business sales;
• medical information;
• financial services and banking;
• healthcare technology; and
• games, entertainment, and experiences.
The book makes compelling arguments for how these areas can be affected by and effect future use and needs of oil and gas. It concludes with some interesting thoughts:
There are many trends worth consideration in oil and gas, but here are five that seem unstoppable to the authors, that are worth noting:
1. Demographic shifts. Demographics favor growth originating in Asia to match the fast-growing populations and their move into the middle classes. Their population will want more of the consumer goods that use petroleum energy (cars, industry, or chemicals).
2. Technology advances. Technology is advancing at a breathtaking pace, without regard to the kinds of traditional constraints to innovation, such as capital, capability, and organizational capacity. Technology enables oil and gas to expand resources, at the same time as it destroys demand.
3. Climate change. Developed economies have proposed new carbon taxes, fuel-consumption taxes, fuel-efficiency targets, and even bans on combustion engines.
4. Transportation shifts. Transportation, as a big consumer of energy, is also shifting. The six top automakers, which account for 50 percent of all cars and trucks, have all announced plans to electrify their vehicles in the next five to ten years. The heavy truck sector and bus sector have started to convert to new drivetrain technology.
5. Oil market shifts. North America will soon be self-sufficient in oil, which will cause oil trading patterns to change. Digital innovation will shift the recoveries from shale to match those of conventional, unlocking yet more hydrocarbons, and it may also bring about demand destruction
While there is growing consensus that the world must shift away from oil to greener and environmentally friendlier sources, the reality is that there are over a billion cars in the world. We currently can produce 70 million or so new vehicles. If they all started producing e-vehicles tomorrow, it would take almost 20 years to replace the existing vehicle stock. That means that oil is with us for the next generation or two. That is the reality. Extracting it and using it in as clean a way as possible makes good business, economic, and environmental sense. The authors book makes compelling reading for those in positions to make decisions or advocate for smart policy decisions for the coming decades.
Ponder that.
Lino Matteo ©™
Twitter @Lino_Matteo
https://linomatteo.wordpress.com/2022...
https://linomatteo.wordpress.com/2022...
An exploration of the “Digital Transformation of Oil and Gas” by authors, Geoffrey Cann and Rachael Goydan (2019).
On the face of it this is a difficult book. A dry topic and its commodity, oil, is in the middle of driving up inflation. As I read, prices gyrated upwards, and being a slow reader, they began a downward descent. Oil, it is a dirty business.
However, the authors, do a very fine job of explaining, elaborating, and giving insight to a very tough industry. It is tough – but once you produce the stuff, the ‘oil cartels’ take over. How much it costs you to find, extract and get the oil to market, well that is your problem. Keep in mind that since the book was written, we saw the oil bust of the pandemic, and the price gouging of the Russian/Ukraine crisis. Fear and greed stoke the price of oil, like few other commodities. It is hard to change your ride mid tank of gas, if you know what I mean.
The authors explain how “digital innovation is playing a decisive role in the fortunes of oil and gas as a driver of three big changes” by:
• expanding the supply of hydrocarbons,
• lowering production costs and increasing productivity, and
• the erosion of the demand for fossil fuels.
There is however another player that is pushing back on Oil (and when I say oil, I mean it in all its forms and derivatives) and that is climate change. However, learning to use less oil and to use it less wastefully as we diverge to greener forms of energy over the next 20 to 30 years makes good sense. However, will the companies be motivated to invest in a cash cow industry that is past if growth days? The authors touch on this and other issues, both in the book and in a series of cases that they present as part of their analysis.
The authors also explain that digital is “Data, Analytics and Connectivity.” That too makes sense. These building blocks are based on the computer chip and subject to the constant pressures and ameliorations offered by Moore’s Law and how it quickly lowers costs and makes yesterday’s technology obsolete.
Where the automation and digitalization come into play to a significant varied degree are as far ranging as:
• autonomous cars and transportation services;
• artificial intelligence, machine learning, and robots;
• voice, interpretation, and translation;
• electrical power generation;
• residential automation;
• wearable technology, such as Google Glass or smart watches;
• business-to-business sales;
• medical information;
• financial services and banking;
• healthcare technology; and
• games, entertainment, and experiences.
The book makes compelling arguments for how these areas can be affected by and effect future use and needs of oil and gas. It concludes with some interesting thoughts:
There are many trends worth consideration in oil and gas, but here are five that seem unstoppable to the authors, that are worth noting:
1. Demographic shifts. Demographics favor growth originating in Asia to match the fast-growing populations and their move into the middle classes. Their population will want more of the consumer goods that use petroleum energy (cars, industry, or chemicals).
2. Technology advances. Technology is advancing at a breathtaking pace, without regard to the kinds of traditional constraints to innovation, such as capital, capability, and organizational capacity. Technology enables oil and gas to expand resources, at the same time as it destroys demand.
3. Climate change. Developed economies have proposed new carbon taxes, fuel-consumption taxes, fuel-efficiency targets, and even bans on combustion engines.
4. Transportation shifts. Transportation, as a big consumer of energy, is also shifting. The six top automakers, which account for 50 percent of all cars and trucks, have all announced plans to electrify their vehicles in the next five to ten years. The heavy truck sector and bus sector have started to convert to new drivetrain technology.
5. Oil market shifts. North America will soon be self-sufficient in oil, which will cause oil trading patterns to change. Digital innovation will shift the recoveries from shale to match those of conventional, unlocking yet more hydrocarbons, and it may also bring about demand destruction
While there is growing consensus that the world must shift away from oil to greener and environmentally friendlier sources, the reality is that there are over a billion cars in the world. We currently can produce 70 million or so new vehicles. If they all started producing e-vehicles tomorrow, it would take almost 20 years to replace the existing vehicle stock. That means that oil is with us for the next generation or two. That is the reality. Extracting it and using it in as clean a way as possible makes good business, economic, and environmental sense. The authors book makes compelling reading for those in positions to make decisions or advocate for smart policy decisions for the coming decades.
Ponder that.
Lino Matteo ©™
Twitter @Lino_Matteo
https://linomatteo.wordpress.com/2022...
https://linomatteo.wordpress.com/2022...
August 1, 2019
This is a must-read masterpiece for everyone involved in the Oil & Gas industry.
March 11, 2024
REVIEW WEEK
BITS, BYTES AND BARRELS
I'm from a country that relies almost solely on Oil and gas to power the lives of its citizens and its flailing economy. In 1956, crude oil was first discovered in Oloibiri, an almost unknown community in Bayelsa State. It was all a blessing for a country on the brink of independence. Eventually, resources from crude oil exports soon replaced and eclipsed whatever resources were being traded in a resource-rich country. Today, nearly seven decades later, this discovery has become a curse. Oil might be the black gold for the rest of the world, but it has become a black cloak for countries like mine, shielding her from looking inward and preventing her from moving forward. So, if anyone would be interested in a book about Oil and gas and its effect on the broader world, it certainly would be me.
Bits, Bytes, and Barrels hit the ground running from its first page with the introduction, which launches the reader into the bipolar nature of the oil and gas industry famous for its boom and bust. Readers were quickly transported to the crossroads where the sector found itself. This part highlighted how the combined forces such as viable alternatives like hybrid and electric motors, renewable energy sources like batteries, and the global decarbonization drive. Were shaping things.
The first chapter poses an interesting question. What is digital? I couldn't believe how nuanced a word like that could be, but I was glad when Geoffrey eventually concluded with a relatable definition that aligned with the core of the book.
Resting on this comfortable foundation, Geoffrey highlighted the vital digital technologies that would significantly affect the industry in the second chapter.
Was it all optimism and good news? Not exactly. The following chapter revealed challenges that new adopters of this digital "good news" would encounter—a shortage of skilled workers, cyber-attacks, and the dinosaur nature of an industry, which is afraid of evolution.
For books of this sort, it's possible to get lost in the details, but this was different here. There were sector-specific digital changes that every stakeholder, who is also the reader, could see.
What I like most are practical examples, such as the Canada refinery with almost twenty-six thousand sensors for data generation. Estonia as the world's most digitally aggressive country. What these did was show me how realistic the book and its practices are.
In a climatic manner, Geoffrey Cann ensured that the final chapter presented a road map for starting, accelerating, and adopting these digital trends. After all, who needs to be told about the Bits and Bytes of data without being told how to make it move Barrels of oil and gas to where they belong?
After all, what industry doesn't crave the advantages of low cost, reduced environmental impact, and asset life expansion?
This is why I think that.
This book should always be in everyone's handbags, briefcases, or reading apps. From curious individuals like myself who wonder what role a highly digitalized world would play in the oil and gas sector. To others in the oil and gas sector hegemonies confronted with the scary prospect of change. Others include management teams' policymakers and regulators, government leaders in oil-producing countries and those in oil-consuming countries. Most significantly, it should be for everyone interested in understanding a sector that powers our lives.
BITS, BYTES AND BARRELS
I'm from a country that relies almost solely on Oil and gas to power the lives of its citizens and its flailing economy. In 1956, crude oil was first discovered in Oloibiri, an almost unknown community in Bayelsa State. It was all a blessing for a country on the brink of independence. Eventually, resources from crude oil exports soon replaced and eclipsed whatever resources were being traded in a resource-rich country. Today, nearly seven decades later, this discovery has become a curse. Oil might be the black gold for the rest of the world, but it has become a black cloak for countries like mine, shielding her from looking inward and preventing her from moving forward. So, if anyone would be interested in a book about Oil and gas and its effect on the broader world, it certainly would be me.
Bits, Bytes, and Barrels hit the ground running from its first page with the introduction, which launches the reader into the bipolar nature of the oil and gas industry famous for its boom and bust. Readers were quickly transported to the crossroads where the sector found itself. This part highlighted how the combined forces such as viable alternatives like hybrid and electric motors, renewable energy sources like batteries, and the global decarbonization drive. Were shaping things.
The first chapter poses an interesting question. What is digital? I couldn't believe how nuanced a word like that could be, but I was glad when Geoffrey eventually concluded with a relatable definition that aligned with the core of the book.
Resting on this comfortable foundation, Geoffrey highlighted the vital digital technologies that would significantly affect the industry in the second chapter.
Was it all optimism and good news? Not exactly. The following chapter revealed challenges that new adopters of this digital "good news" would encounter—a shortage of skilled workers, cyber-attacks, and the dinosaur nature of an industry, which is afraid of evolution.
For books of this sort, it's possible to get lost in the details, but this was different here. There were sector-specific digital changes that every stakeholder, who is also the reader, could see.
What I like most are practical examples, such as the Canada refinery with almost twenty-six thousand sensors for data generation. Estonia as the world's most digitally aggressive country. What these did was show me how realistic the book and its practices are.
In a climatic manner, Geoffrey Cann ensured that the final chapter presented a road map for starting, accelerating, and adopting these digital trends. After all, who needs to be told about the Bits and Bytes of data without being told how to make it move Barrels of oil and gas to where they belong?
After all, what industry doesn't crave the advantages of low cost, reduced environmental impact, and asset life expansion?
This is why I think that.
This book should always be in everyone's handbags, briefcases, or reading apps. From curious individuals like myself who wonder what role a highly digitalized world would play in the oil and gas sector. To others in the oil and gas sector hegemonies confronted with the scary prospect of change. Others include management teams' policymakers and regulators, government leaders in oil-producing countries and those in oil-consuming countries. Most significantly, it should be for everyone interested in understanding a sector that powers our lives.
June 18, 2022
BOOK:-BITS,BYTES AND BARRELS-THE DIGITAL TRANSFORMATION OF OIL AND GAS BY GEOFFREY CANN AND RACHAEL GOYDAN.
BOOK REVIEWER:OKOKO AYEZU TAMARAPREYE.
SYNOPSIS:-
This is a book for industry experts,boards,tech companies,regulators and policymakers in the oil and gas sector exposing some nitty gritty of digitisation in the sector.The book deals with the various changes in the sector from price collapse; transportation hitches;the move to decarbonize as a palliative measure ; the archaic nature of the "one field operator to a handful of wells model"; confronting orthodoxies in a digital world;the move by some nations to eliminate fossil fuel amidst climate change; the use of case studies and the efficiency or inefficiency in techniques used in them to explain digitisation; Inequality of digital technologies in the sector; digital innovations such as the digital twin modeling,cloud computing and block chain and the failure of most of these technology in their promise to society; the dilemma of making oil and gas assets easily accessible to the populace and protecting the oil and gas assets by instilling control and security of who has access to it for the security of the sector to prevent fall in prices amongst others.The authors tell us digitisation is the future of exploration;refining and fuel retailing while explaining the 'how' of it.One area that interests me is the exposé on getting governance of these digital innovation right and containing cyber risk in a sector fast moving into online contracting.
LESSONS LEARNT FROM THE BOOK READ:-
🇳🇬@That in choosing how to manage digital innovation one should have in mind the big benefits from digitization through operations when compared to corporate IT which may have a huge work load already.
🇳🇬There is need to manage cyber risks such as email and password theft to secure investment of investors as trade settlements involve paper contracts being mailed and faxed.
🇳🇬The need for new recruits in the sector to learn the rules and garner experience as fast as possible as courts are blind to sentiments when these rules are broken.
🇳🇬digital twin as a system that envisages a plant having a mathematical model.
APPLICATION OF LESSONS LEARNT:
In as much as the world moves towards digitisation in several sectors ,reading this book has exposed the fact that digitisation has its advantage and disadvantage .In the oil sector where it can lower cost of production;ensure high quality petroleum and lower fuel consumption, it can also lead to a fall in prices of the product due to its being in abundance.
Again even as exploration, refining and retailing goes digital there are claims that some of these oil and gas assets are not accessible.However ,there are also claims that these inaccessibility is for security measures knowing the delicate nature of these resources and for security.It is a dilemma that I wish industry experts,boards ,regulators and policymakers a prudent approach in tackling from the lessons in the book.
BOOK REVIEWER:OKOKO AYEZU TAMARAPREYE.
SYNOPSIS:-
This is a book for industry experts,boards,tech companies,regulators and policymakers in the oil and gas sector exposing some nitty gritty of digitisation in the sector.The book deals with the various changes in the sector from price collapse; transportation hitches;the move to decarbonize as a palliative measure ; the archaic nature of the "one field operator to a handful of wells model"; confronting orthodoxies in a digital world;the move by some nations to eliminate fossil fuel amidst climate change; the use of case studies and the efficiency or inefficiency in techniques used in them to explain digitisation; Inequality of digital technologies in the sector; digital innovations such as the digital twin modeling,cloud computing and block chain and the failure of most of these technology in their promise to society; the dilemma of making oil and gas assets easily accessible to the populace and protecting the oil and gas assets by instilling control and security of who has access to it for the security of the sector to prevent fall in prices amongst others.The authors tell us digitisation is the future of exploration;refining and fuel retailing while explaining the 'how' of it.One area that interests me is the exposé on getting governance of these digital innovation right and containing cyber risk in a sector fast moving into online contracting.
LESSONS LEARNT FROM THE BOOK READ:-
🇳🇬@That in choosing how to manage digital innovation one should have in mind the big benefits from digitization through operations when compared to corporate IT which may have a huge work load already.
🇳🇬There is need to manage cyber risks such as email and password theft to secure investment of investors as trade settlements involve paper contracts being mailed and faxed.
🇳🇬The need for new recruits in the sector to learn the rules and garner experience as fast as possible as courts are blind to sentiments when these rules are broken.
🇳🇬digital twin as a system that envisages a plant having a mathematical model.
APPLICATION OF LESSONS LEARNT:
In as much as the world moves towards digitisation in several sectors ,reading this book has exposed the fact that digitisation has its advantage and disadvantage .In the oil sector where it can lower cost of production;ensure high quality petroleum and lower fuel consumption, it can also lead to a fall in prices of the product due to its being in abundance.
Again even as exploration, refining and retailing goes digital there are claims that some of these oil and gas assets are not accessible.However ,there are also claims that these inaccessibility is for security measures knowing the delicate nature of these resources and for security.It is a dilemma that I wish industry experts,boards ,regulators and policymakers a prudent approach in tackling from the lessons in the book.
March 12, 2024
𝐁𝐢𝐭𝐬, 𝐁𝐲𝐭𝐞𝐬, 𝐚𝐧𝐝 𝐁𝐚𝐫𝐫𝐞𝐥𝐬: 𝐓𝐡𝐞 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐎𝐢𝐥 𝐚𝐧𝐝 𝐆𝐚𝐬.
𝐁𝐲 𝐆𝐞𝐨𝐟𝐟𝐫𝐞𝐲 𝐂𝐚𝐧𝐧 & 𝐑𝐚𝐜𝐡𝐚𝐞𝐥 𝐆𝐨𝐲𝐝𝐚𝐧.
In his book, 𝐓𝐡𝐞 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐨𝐫'𝐬 𝐃𝐢𝐥𝐞𝐦𝐦𝐚, the late 𝑷𝒓𝒐𝒇𝒆𝒔𝒔𝒐𝒓 𝑪𝒍𝒂𝒚𝒕𝒐𝒏 𝑪𝒉𝒓𝒊𝒔𝒕𝒆𝒏𝒔𝒆𝒏 of Harvard Business School describes a theory about how large, outstanding firms can fail "by doing everything right."
Disruptive technologies occur less frequently, but when they do, they can cause the failure of highly successful companies that are only prepared for sustaining technologies.
An exploration of the “Digital Transformation of Oil and Gas” by authors, Geoffrey Cann and Rachael Goydan (2019) brings out the discussion of the potential of disruptive digital innovation.
𝐁𝐢𝐭𝐬, 𝐁𝐲𝐭𝐞𝐬, 𝐚𝐧𝐝 𝐁𝐚𝐫𝐫𝐞𝐥𝐬 𝐜𝐨𝐦𝐦𝐞𝐧𝐜𝐞𝐬 𝐟𝐫𝐨𝐦 𝐢𝐭𝐬 𝐟𝐢𝐫𝐬𝐭 𝐩𝐚𝐠𝐞 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 𝐢𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧, 𝐰𝐡𝐢𝐜𝐡 𝐥𝐚𝐮𝐧𝐜𝐡𝐞𝐬 𝐭𝐡𝐞 𝐫𝐞𝐚𝐝𝐞𝐫 𝐢𝐧𝐭𝐨 𝐭𝐡𝐞 𝐛𝐢𝐩𝐨𝐥𝐚𝐫 𝐧𝐚𝐭𝐮𝐫𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐨𝐢𝐥 𝐚𝐧𝐝 𝐠𝐚𝐬 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐟𝐚𝐦𝐨𝐮𝐬 𝐟𝐨𝐫 𝐢𝐭𝐬 𝐛𝐨𝐨𝐦 𝐚𝐧𝐝 𝐛𝐮𝐬𝐭. 𝐑𝐞𝐚𝐝𝐞𝐫𝐬 𝐰𝐞𝐫𝐞 𝐪𝐮𝐢𝐜𝐤𝐥𝐲 𝐜𝐨𝐧𝐯𝐞𝐲𝐞𝐝 𝐭𝐨 𝐭𝐡𝐞 𝐜𝐫𝐨𝐬𝐬𝐫𝐨𝐚𝐝𝐬 𝐰𝐡𝐞𝐫𝐞 𝐭𝐡𝐞 𝐬𝐞𝐜𝐭𝐨𝐫 𝐟𝐨𝐮𝐧𝐝 𝐢𝐭𝐬𝐞𝐥𝐟. 𝐓𝐡𝐢𝐬 𝐩𝐚𝐫𝐭 𝐡𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐞𝐝 𝐡𝐨𝐰 𝐭𝐡𝐞 𝐜𝐨𝐦𝐛𝐢𝐧𝐞𝐝 𝐟𝐨𝐫𝐜𝐞𝐬 𝐬𝐮𝐜𝐡 𝐚𝐬 𝐯𝐢𝐚𝐛𝐥𝐞 𝐚𝐥𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐯𝐞𝐬 𝐥𝐢𝐤𝐞 𝐡𝐲𝐛𝐫𝐢𝐝 𝐚𝐧𝐝 𝐞𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐦𝐨𝐭𝐨𝐫𝐬, 𝐫𝐞𝐧𝐞𝐰𝐚𝐛𝐥𝐞 𝐞𝐧𝐞𝐫𝐠𝐲 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐥𝐢𝐤𝐞 𝐛𝐚𝐭𝐭𝐞𝐫𝐢𝐞𝐬, 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐝𝐞𝐜𝐚𝐫𝐛𝐨𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐝𝐫𝐢𝐯𝐞.
The authors, Geoffrey, and Rachael explain how “digital innovation is playing a decisive role in the fortunes of oil and gas as a driver of three big changes”:
• expanding the supply of hydrocarbons,
• lowering production costs and increasing productivity, and
• the erosion of the demand for fossil fuels.
Climate change however is pushing back on Oil and Gas (in all its forms and derivatives).
The authors also explain that digital is “Data, Analytics, and Connectivity.”
The premise of the book is predicated upon the notion that technology disruption in the industry is no longer a matter of if but rather a matter of when. Hence, adopting and incorporating technology such as cloud computing, artificial intelligence, machine learning, IoT, 3d- printing, and gamification can be very useful tools, if not essential as the world is moving towards a more digital future.
These building blocks are based on the computer chip and are subject to the constant pressures and ameliorations offered by Moore’s Law and how it quickly lowers costs and makes yesterday’s technology obsolete.
Automation and digitalization come into play to a significantly varied degree as far ranging as:
• autonomous cars and transportation services;
• artificial intelligence, machine learning, and robots;
• voice, interpretation, and translation;
• electrical power generation;
• residential automation;
• wearable technology, such as Google Glass or smart watches;
• business-to-business sales;
• medical information;
• financial services and banking;
• healthcare technology; and
• games, entertainment, and experiences.
This great book by Geoffrey and Rachael makes enthralling arguments for how these areas can be affected by and affect future use and needs of oil and gas.
It draws the inference with some interesting insights. There are many trends worth considering in oil and gas, but here are five that seem unstoppable to the authors, that are worth noting:
1. 𝐃𝐞𝐦𝐨𝐠𝐫𝐚𝐩𝐡𝐢𝐜 𝐬𝐡𝐢𝐟𝐭𝐬. Demographics Favor growth originating in Asia to match the fast-growing populations and their move into the middle classes. Their population will want more of the consumer goods that use petroleum energy (cars, industry, or chemicals).
2. 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐚𝐝𝐯𝐚𝐧𝐜𝐞𝐬. Technology is advancing at a breathtaking pace, without regard to the kinds of traditional constraints to innovation, such as capital, capability, and organizational capacity. Technology enables oil and gas to expand resources, at the same time as it destroys demand.
3. 𝐂𝐥𝐢𝐦𝐚𝐭𝐞 𝐜𝐡𝐚𝐧𝐠𝐞. Developed economies have proposed new carbon taxes, fuel-consumption taxes, fuel-efficiency targets, and even bans on combustion engines.
4. 𝐓𝐫𝐚𝐧𝐬𝐩𝐨𝐫𝐭𝐚𝐭𝐢𝐨𝐧 𝐬𝐡𝐢𝐟𝐭𝐬. Transportation, as a big consumer of energy, is also shifting. The six top automakers, which account for 50 percent of all cars and trucks, have announced plans to electrify their vehicles in the next five to ten years. The heavy truck sector and bus sector have started to convert to new drivetrain technology.
5. 𝐎𝐢𝐥 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐡𝐢𝐟𝐭𝐬. North America will soon be self-sufficient in oil, which will cause oil trading patterns to change. Digital innovation will shift the recoveries from shale to match those of conventional, unlocking yet more hydrocarbons, and it may also bring about demand destruction.
The authors’ book makes compelling reading for those in positions to make decisions or advocate for smart policy decisions for the coming decades.
Bits, Bytes, and Barrels conclude with proposals for organizing digitizing, including providing a role for the board of the company endeavoring.
𝐒𝐢𝐭𝐭𝐢𝐧𝐠 𝐢𝐧 𝐛𝐨𝐚𝐫𝐝 𝐫𝐨𝐨𝐦𝐬, 𝐈 𝐜𝐚𝐧 𝐚𝐭𝐭𝐞𝐬𝐭 𝐭𝐡𝐚𝐭 𝐝𝐢𝐠𝐢𝐭𝐢𝐳𝐢𝐧𝐠 𝐢𝐬 𝐚 𝐜𝐫𝐢𝐭𝐢𝐜𝐚𝐥 𝐞𝐥𝐞𝐦𝐞𝐧𝐭 𝐨𝐟 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐢𝐨𝐧.
The book is well organized, contains case studies, prescribes starting points for transitions, and cautions about possible pitfalls and risks. It contains a handy summary at the end of each chapter.
A mindset shift is needed to move the industry to a place of readiness to embrace digital innovation, beginning with Boards. Investors are now exerting very strong pressure on Boards to address climate change and the impacts on shareholders from the shift away from fossil fuels. Digital innovation can extend the life of the existing fossil-fuel energy system by lowering its costs to compete with renewables, as well as by reducing its carbon footprint. Few technologies offer the competitive combination of lower cost, higher productivity, asset life extension, and reduced environmental impact. That’s before considering the potential for entirely new and disruptive business models to emerge.
𝐁𝐲 𝐆𝐞𝐨𝐟𝐟𝐫𝐞𝐲 𝐂𝐚𝐧𝐧 & 𝐑𝐚𝐜𝐡𝐚𝐞𝐥 𝐆𝐨𝐲𝐝𝐚𝐧.
In his book, 𝐓𝐡𝐞 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐨𝐫'𝐬 𝐃𝐢𝐥𝐞𝐦𝐦𝐚, the late 𝑷𝒓𝒐𝒇𝒆𝒔𝒔𝒐𝒓 𝑪𝒍𝒂𝒚𝒕𝒐𝒏 𝑪𝒉𝒓𝒊𝒔𝒕𝒆𝒏𝒔𝒆𝒏 of Harvard Business School describes a theory about how large, outstanding firms can fail "by doing everything right."
Disruptive technologies occur less frequently, but when they do, they can cause the failure of highly successful companies that are only prepared for sustaining technologies.
An exploration of the “Digital Transformation of Oil and Gas” by authors, Geoffrey Cann and Rachael Goydan (2019) brings out the discussion of the potential of disruptive digital innovation.
𝐁𝐢𝐭𝐬, 𝐁𝐲𝐭𝐞𝐬, 𝐚𝐧𝐝 𝐁𝐚𝐫𝐫𝐞𝐥𝐬 𝐜𝐨𝐦𝐦𝐞𝐧𝐜𝐞𝐬 𝐟𝐫𝐨𝐦 𝐢𝐭𝐬 𝐟𝐢𝐫𝐬𝐭 𝐩𝐚𝐠𝐞 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 𝐢𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧, 𝐰𝐡𝐢𝐜𝐡 𝐥𝐚𝐮𝐧𝐜𝐡𝐞𝐬 𝐭𝐡𝐞 𝐫𝐞𝐚𝐝𝐞𝐫 𝐢𝐧𝐭𝐨 𝐭𝐡𝐞 𝐛𝐢𝐩𝐨𝐥𝐚𝐫 𝐧𝐚𝐭𝐮𝐫𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐨𝐢𝐥 𝐚𝐧𝐝 𝐠𝐚𝐬 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐟𝐚𝐦𝐨𝐮𝐬 𝐟𝐨𝐫 𝐢𝐭𝐬 𝐛𝐨𝐨𝐦 𝐚𝐧𝐝 𝐛𝐮𝐬𝐭. 𝐑𝐞𝐚𝐝𝐞𝐫𝐬 𝐰𝐞𝐫𝐞 𝐪𝐮𝐢𝐜𝐤𝐥𝐲 𝐜𝐨𝐧𝐯𝐞𝐲𝐞𝐝 𝐭𝐨 𝐭𝐡𝐞 𝐜𝐫𝐨𝐬𝐬𝐫𝐨𝐚𝐝𝐬 𝐰𝐡𝐞𝐫𝐞 𝐭𝐡𝐞 𝐬𝐞𝐜𝐭𝐨𝐫 𝐟𝐨𝐮𝐧𝐝 𝐢𝐭𝐬𝐞𝐥𝐟. 𝐓𝐡𝐢𝐬 𝐩𝐚𝐫𝐭 𝐡𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐞𝐝 𝐡𝐨𝐰 𝐭𝐡𝐞 𝐜𝐨𝐦𝐛𝐢𝐧𝐞𝐝 𝐟𝐨𝐫𝐜𝐞𝐬 𝐬𝐮𝐜𝐡 𝐚𝐬 𝐯𝐢𝐚𝐛𝐥𝐞 𝐚𝐥𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐯𝐞𝐬 𝐥𝐢𝐤𝐞 𝐡𝐲𝐛𝐫𝐢𝐝 𝐚𝐧𝐝 𝐞𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐦𝐨𝐭𝐨𝐫𝐬, 𝐫𝐞𝐧𝐞𝐰𝐚𝐛𝐥𝐞 𝐞𝐧𝐞𝐫𝐠𝐲 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐥𝐢𝐤𝐞 𝐛𝐚𝐭𝐭𝐞𝐫𝐢𝐞𝐬, 𝐚𝐧𝐝 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐝𝐞𝐜𝐚𝐫𝐛𝐨𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐝𝐫𝐢𝐯𝐞.
The authors, Geoffrey, and Rachael explain how “digital innovation is playing a decisive role in the fortunes of oil and gas as a driver of three big changes”:
• expanding the supply of hydrocarbons,
• lowering production costs and increasing productivity, and
• the erosion of the demand for fossil fuels.
Climate change however is pushing back on Oil and Gas (in all its forms and derivatives).
The authors also explain that digital is “Data, Analytics, and Connectivity.”
The premise of the book is predicated upon the notion that technology disruption in the industry is no longer a matter of if but rather a matter of when. Hence, adopting and incorporating technology such as cloud computing, artificial intelligence, machine learning, IoT, 3d- printing, and gamification can be very useful tools, if not essential as the world is moving towards a more digital future.
These building blocks are based on the computer chip and are subject to the constant pressures and ameliorations offered by Moore’s Law and how it quickly lowers costs and makes yesterday’s technology obsolete.
Automation and digitalization come into play to a significantly varied degree as far ranging as:
• autonomous cars and transportation services;
• artificial intelligence, machine learning, and robots;
• voice, interpretation, and translation;
• electrical power generation;
• residential automation;
• wearable technology, such as Google Glass or smart watches;
• business-to-business sales;
• medical information;
• financial services and banking;
• healthcare technology; and
• games, entertainment, and experiences.
This great book by Geoffrey and Rachael makes enthralling arguments for how these areas can be affected by and affect future use and needs of oil and gas.
It draws the inference with some interesting insights. There are many trends worth considering in oil and gas, but here are five that seem unstoppable to the authors, that are worth noting:
1. 𝐃𝐞𝐦𝐨𝐠𝐫𝐚𝐩𝐡𝐢𝐜 𝐬𝐡𝐢𝐟𝐭𝐬. Demographics Favor growth originating in Asia to match the fast-growing populations and their move into the middle classes. Their population will want more of the consumer goods that use petroleum energy (cars, industry, or chemicals).
2. 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐚𝐝𝐯𝐚𝐧𝐜𝐞𝐬. Technology is advancing at a breathtaking pace, without regard to the kinds of traditional constraints to innovation, such as capital, capability, and organizational capacity. Technology enables oil and gas to expand resources, at the same time as it destroys demand.
3. 𝐂𝐥𝐢𝐦𝐚𝐭𝐞 𝐜𝐡𝐚𝐧𝐠𝐞. Developed economies have proposed new carbon taxes, fuel-consumption taxes, fuel-efficiency targets, and even bans on combustion engines.
4. 𝐓𝐫𝐚𝐧𝐬𝐩𝐨𝐫𝐭𝐚𝐭𝐢𝐨𝐧 𝐬𝐡𝐢𝐟𝐭𝐬. Transportation, as a big consumer of energy, is also shifting. The six top automakers, which account for 50 percent of all cars and trucks, have announced plans to electrify their vehicles in the next five to ten years. The heavy truck sector and bus sector have started to convert to new drivetrain technology.
5. 𝐎𝐢𝐥 𝐦𝐚𝐫𝐤𝐞𝐭 𝐬𝐡𝐢𝐟𝐭𝐬. North America will soon be self-sufficient in oil, which will cause oil trading patterns to change. Digital innovation will shift the recoveries from shale to match those of conventional, unlocking yet more hydrocarbons, and it may also bring about demand destruction.
The authors’ book makes compelling reading for those in positions to make decisions or advocate for smart policy decisions for the coming decades.
Bits, Bytes, and Barrels conclude with proposals for organizing digitizing, including providing a role for the board of the company endeavoring.
𝐒𝐢𝐭𝐭𝐢𝐧𝐠 𝐢𝐧 𝐛𝐨𝐚𝐫𝐝 𝐫𝐨𝐨𝐦𝐬, 𝐈 𝐜𝐚𝐧 𝐚𝐭𝐭𝐞𝐬𝐭 𝐭𝐡𝐚𝐭 𝐝𝐢𝐠𝐢𝐭𝐢𝐳𝐢𝐧𝐠 𝐢𝐬 𝐚 𝐜𝐫𝐢𝐭𝐢𝐜𝐚𝐥 𝐞𝐥𝐞𝐦𝐞𝐧𝐭 𝐨𝐟 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐢𝐨𝐧.
The book is well organized, contains case studies, prescribes starting points for transitions, and cautions about possible pitfalls and risks. It contains a handy summary at the end of each chapter.
A mindset shift is needed to move the industry to a place of readiness to embrace digital innovation, beginning with Boards. Investors are now exerting very strong pressure on Boards to address climate change and the impacts on shareholders from the shift away from fossil fuels. Digital innovation can extend the life of the existing fossil-fuel energy system by lowering its costs to compete with renewables, as well as by reducing its carbon footprint. Few technologies offer the competitive combination of lower cost, higher productivity, asset life extension, and reduced environmental impact. That’s before considering the potential for entirely new and disruptive business models to emerge.
April 26, 2022
I confess to never having seriously looked at the oil and gas industry with the motive to modernize and economize, but were I to do so, this neophyte might seek Bits, Bytes and Barrels as the how-to manual to accomplish such a task. I've often found myself wondering why politicians seem either adamantly pro or anti fossil fuel. It seems to me that, though I believe that fossil fuels are currently the "lifeblood" of industry, there will likely come a time when they are less economical, less abundant, possibly even less safe, than alternative sources. Geoffrey Cann, a self-professed business adviser to the oil and gas industry, has produced a manual accommodating to a layman proposing the use of digital innovation to expand hydrocarbons (these are apparently good), and lower the cost and increase the productivity of the industry while simultaneously eroding the demand for fossil fuel. If alternative energy sources are eventually embraced, this seems to me to be a logical means of transition. In the meantime, processors of fossil fuel energy should always seek out the safest and least costly methods of producing, and Mr. Cann has suggested the means to do so.
Exactly what is "digital?" Per Mr. Cann, the characteristics of something digital are that it produces data, has analytics and connectivity. I envision Amazon as something digital - it maintains information on costumers, provides a delivery service, even connects buyers to other producers. The author lists and describes a number of digital "tools" including "cloud" computing, artificial intelligence, autonomous technology, 3D printing and augmented reality, all of which can streamline and economize business. Mr. Cann gives estimates of time required to retrofit the oil and gas industry, using the allusion to a digital "fuse" (the fuse length is the time spent in retrofit, the "bomb" is the impact on the industry). I was particularly intrigued by his description of "Mobility as a Service", employed in Finland. Reportedly that nation charges a set fee for the use of all transportation -shared cars, bicycles, subway, trains, buses, taxis - such that private ownership of vehicles can be phased out, and the total fee for such service might be less than the present cost of insurance. Mr. Cann envisions something he refers to as "Cloudcar" - the act of buying shipped fuel, even vehicles for occasional use, through credit.
Bits, Bytes and Barrels concludes with instructions/suggestions for organizing digitizing, including providing a role for the board of the company making the endeavor. The book is well organized, contains case studies, prescribes starting points for transitions and cautions about possible pitfalls and risks. It contains a handy summary at the end of each chapter. As I have stated, I'm a real novice in this area, but if I were to embark on a digital transition, if I didn't actually hire Mr. Cann, I'd look for a book just like his.
Exactly what is "digital?" Per Mr. Cann, the characteristics of something digital are that it produces data, has analytics and connectivity. I envision Amazon as something digital - it maintains information on costumers, provides a delivery service, even connects buyers to other producers. The author lists and describes a number of digital "tools" including "cloud" computing, artificial intelligence, autonomous technology, 3D printing and augmented reality, all of which can streamline and economize business. Mr. Cann gives estimates of time required to retrofit the oil and gas industry, using the allusion to a digital "fuse" (the fuse length is the time spent in retrofit, the "bomb" is the impact on the industry). I was particularly intrigued by his description of "Mobility as a Service", employed in Finland. Reportedly that nation charges a set fee for the use of all transportation -shared cars, bicycles, subway, trains, buses, taxis - such that private ownership of vehicles can be phased out, and the total fee for such service might be less than the present cost of insurance. Mr. Cann envisions something he refers to as "Cloudcar" - the act of buying shipped fuel, even vehicles for occasional use, through credit.
Bits, Bytes and Barrels concludes with instructions/suggestions for organizing digitizing, including providing a role for the board of the company making the endeavor. The book is well organized, contains case studies, prescribes starting points for transitions and cautions about possible pitfalls and risks. It contains a handy summary at the end of each chapter. As I have stated, I'm a real novice in this area, but if I were to embark on a digital transition, if I didn't actually hire Mr. Cann, I'd look for a book just like his.
April 29, 2022
This book gives a good overview of the technological expectations within the oil and gas (O&G) industry. The book highlights how there are three key potential benefits of how digital innovation can revolutionize the oil and gas industry;
- Increase the supply of hydrocarbons in circulation
- Increase the efficiency of operations
- Reduce the necessity of hydrocarbons (in place of more sustainable energy)
The premise of the book is predicated upon the notion that technology disruption in the industry is no longer a matter of if but rather a matter of when. Hence, adopting and incorporating technology such as cloud computing, artificial intelligence, machine learning, IoT, 3d- printing, and gamification can be very useful tools, if not essential as the world is moving towards a more digital future.
The authors argue that one of the reasons why the O&G industry has become laggards or is hesitant with digital adoption is due to the sheer size of the industry which has existed for well over a century, predating the technological innovations that have proliferated within the past few decades. Hence, a lot of investments have been made over the years, especially when dealing with brownfield assets, are by retrofitting technological development that often time accumulates into a hegemony of complex systems that could have instead been parsimonious and streamlined across a company.
The book also expounds on the implementation of the technology mentioned within the O&G pipeline (exploration, production, fuel retailing, support functions, etc.) with several use cases in the industry. Despite having a framework (though sometimes more of a scaffold), innovations are sometimes still not adopted as propelling that the first step can be the biggest challenge. Challenges such as centralizing data, migrating systems and information, promoting effective change management within the company, and being agile in functions are all factors that can cause a technology implemented to be a failure and create bottlenecks instead of efficiencies. Therefore, board members and company management play a crucial role in mobilizing strategic decisions favoring innovation as they can no longer subscribe to the adage of “don’t fix what ain’t broke”.
That said, this book was released in 2019, before the COVID-19 pandemic where for many sectors, structural changes advocating for technology became fait accompli or rather accelerated in some cases as a reaction to the sudden change in the global environment. Hence, I am curious to know where this book stands, especially in terms of timeline estimations, given that it has been three years since the book was first published.
- Increase the supply of hydrocarbons in circulation
- Increase the efficiency of operations
- Reduce the necessity of hydrocarbons (in place of more sustainable energy)
The premise of the book is predicated upon the notion that technology disruption in the industry is no longer a matter of if but rather a matter of when. Hence, adopting and incorporating technology such as cloud computing, artificial intelligence, machine learning, IoT, 3d- printing, and gamification can be very useful tools, if not essential as the world is moving towards a more digital future.
The authors argue that one of the reasons why the O&G industry has become laggards or is hesitant with digital adoption is due to the sheer size of the industry which has existed for well over a century, predating the technological innovations that have proliferated within the past few decades. Hence, a lot of investments have been made over the years, especially when dealing with brownfield assets, are by retrofitting technological development that often time accumulates into a hegemony of complex systems that could have instead been parsimonious and streamlined across a company.
The book also expounds on the implementation of the technology mentioned within the O&G pipeline (exploration, production, fuel retailing, support functions, etc.) with several use cases in the industry. Despite having a framework (though sometimes more of a scaffold), innovations are sometimes still not adopted as propelling that the first step can be the biggest challenge. Challenges such as centralizing data, migrating systems and information, promoting effective change management within the company, and being agile in functions are all factors that can cause a technology implemented to be a failure and create bottlenecks instead of efficiencies. Therefore, board members and company management play a crucial role in mobilizing strategic decisions favoring innovation as they can no longer subscribe to the adage of “don’t fix what ain’t broke”.
That said, this book was released in 2019, before the COVID-19 pandemic where for many sectors, structural changes advocating for technology became fait accompli or rather accelerated in some cases as a reaction to the sudden change in the global environment. Hence, I am curious to know where this book stands, especially in terms of timeline estimations, given that it has been three years since the book was first published.
December 5, 2022
Bits, Bytes, and Barrels: The Digital Transformation of Oil and Gas is a book written by Geoffrey Cann, Rachael Goydan. It offers great insights into digital technology and the potentials it offers to the Oil & Gas sector. The book offers a very enjoyable reading; the writing style is very accessible considering how sophisticated the subject matter it covers is. You can certainly expect to do a great deal of research, since the book provides plenty of terminology and parlance, but the clarity of the narrative voice makes such highly technical information rather digestible. To sum up, it is a true manifestation of popular science.
The hypothesis of the book suggests that the Oil & Gas sector, when it comes to digital transformation, is lagging behind compared to other industries and sectors. The main objective of the book, it seems, is to encourage major players in Oil & Gas to devise and implement a disruptive business model towards the digitalization of the sector, to maximize profit, reduce cost, enhance sustainability, to embrace the future really. The Oil & Gas sector, as conservative as it is, seems to be skeptical about digitalization, unwilling to explore the great potentials it can offer, citing concerns over safety and security. As legitimate as they are, the authors argue that such concerns were raised and addressed by many industries before; and that Oil & Gas could make use of such cumulative knowledge and experience to deploy a rather effective digital transformation of Oil & Gas operations. In terms of investment allocation, the book posits that capital markets are inclined to invest in digital companies over asset-heavy and revenue-rich companies, notwithstanding their interest in introducing their expertise and know-how to new sectors, including energy and transportation. The book highlights the need for building Oil & Gas-centered ecosystems, upgrading the existing ERP systems, combining same with other digital technologies, investing in digital tools, i.e., cloud computing, AI, blockchain, among others, all to keep up with the more appealing and cost-competitive renewable alternatives. There’s no time, the book argues, for energy companies’ boards and executives, better than now, to keep an open mind, to overcome their prejudices and predispositions, and to make this “leap of faith” towards digital, as Richard Branson’s ethos for the Virgin Group: “Screw it, let’s do it.”, the book cites.
I highly recommend this reading. I presume this book will not only appeal to digital transformation and Oil & Gas entrepreneurs, but also to laypeople who want to learn about technology and energy.
The hypothesis of the book suggests that the Oil & Gas sector, when it comes to digital transformation, is lagging behind compared to other industries and sectors. The main objective of the book, it seems, is to encourage major players in Oil & Gas to devise and implement a disruptive business model towards the digitalization of the sector, to maximize profit, reduce cost, enhance sustainability, to embrace the future really. The Oil & Gas sector, as conservative as it is, seems to be skeptical about digitalization, unwilling to explore the great potentials it can offer, citing concerns over safety and security. As legitimate as they are, the authors argue that such concerns were raised and addressed by many industries before; and that Oil & Gas could make use of such cumulative knowledge and experience to deploy a rather effective digital transformation of Oil & Gas operations. In terms of investment allocation, the book posits that capital markets are inclined to invest in digital companies over asset-heavy and revenue-rich companies, notwithstanding their interest in introducing their expertise and know-how to new sectors, including energy and transportation. The book highlights the need for building Oil & Gas-centered ecosystems, upgrading the existing ERP systems, combining same with other digital technologies, investing in digital tools, i.e., cloud computing, AI, blockchain, among others, all to keep up with the more appealing and cost-competitive renewable alternatives. There’s no time, the book argues, for energy companies’ boards and executives, better than now, to keep an open mind, to overcome their prejudices and predispositions, and to make this “leap of faith” towards digital, as Richard Branson’s ethos for the Virgin Group: “Screw it, let’s do it.”, the book cites.
I highly recommend this reading. I presume this book will not only appeal to digital transformation and Oil & Gas entrepreneurs, but also to laypeople who want to learn about technology and energy.
October 20, 2021
Before reviewing I would like to thank the Author who sent this book in pdf as well as audio format on my mail and Booktasters who provide me with the opportunity to read this valuable book. As an engineering student, I enjoyed and felt connected while reading the book. Terms like digital, data, analytics are very close to me. The way the term 'Digital' is defined in many aspects was amazing.
The analogy of cloud computing with fossil fuel is very unique. This is very new for me that Artificial Intelligence is not only confined to human beings but is used by other living organisms on the earth as a rudimentary intelligence. AI is also used in the oil and gas industry to make work easy in many aspects like calculation, paperwork, data interpretation, etc. The industrial Internet of Things is very interesting and also a very novice concept for me. Autonomous Technologies is very innovative and effective in the oil and gas industries because Digital advances are making it possible to safely operate many different kinds of equipment autonomously that formerly would have required human controllers or drivers which is very risky and time-consuming. 3D printing technology is a very emerging technology used in many fields like in marines, aerospace, toy manufacturing companies. The author described all the technology which is used worldwide like augmented reality, blockchain, gamification, etc.
One can see the four interrelated challenges of Production understanding the geology, managing a geographically complex network, coordinating and managing the services, managing an enormous and complex data puzzle.
Board has to understand the need for digital strategies for better production and investment. Overall this book defines almost every aspect of being digital for oil and gas industries. The name of book bits, bytes and barrels are a hundred percent suitable according to the content of the book. It was not obvious that digital innovation would have the same kind of impact on oil and gas as it had on entertainment, retail, financial services, and news media but it is it should be incorporated gradually to get a better result. Wait for the time when digital use will be very less risky or no risk.
Thank you once again as this book is unique in its way. As it is not based on some past or motivation stories or even about the single technology but this book is the sum or we can say the aggregate of the two different industries, digital and oil & gas industries.
The analogy of cloud computing with fossil fuel is very unique. This is very new for me that Artificial Intelligence is not only confined to human beings but is used by other living organisms on the earth as a rudimentary intelligence. AI is also used in the oil and gas industry to make work easy in many aspects like calculation, paperwork, data interpretation, etc. The industrial Internet of Things is very interesting and also a very novice concept for me. Autonomous Technologies is very innovative and effective in the oil and gas industries because Digital advances are making it possible to safely operate many different kinds of equipment autonomously that formerly would have required human controllers or drivers which is very risky and time-consuming. 3D printing technology is a very emerging technology used in many fields like in marines, aerospace, toy manufacturing companies. The author described all the technology which is used worldwide like augmented reality, blockchain, gamification, etc.
One can see the four interrelated challenges of Production understanding the geology, managing a geographically complex network, coordinating and managing the services, managing an enormous and complex data puzzle.
Board has to understand the need for digital strategies for better production and investment. Overall this book defines almost every aspect of being digital for oil and gas industries. The name of book bits, bytes and barrels are a hundred percent suitable according to the content of the book. It was not obvious that digital innovation would have the same kind of impact on oil and gas as it had on entertainment, retail, financial services, and news media but it is it should be incorporated gradually to get a better result. Wait for the time when digital use will be very less risky or no risk.
Thank you once again as this book is unique in its way. As it is not based on some past or motivation stories or even about the single technology but this book is the sum or we can say the aggregate of the two different industries, digital and oil & gas industries.
October 5, 2022
To put it very clearly, I wasn't able to read the book in its entirety in one go. But with time, this book grew on me and enhanced my understanding of the digital world in congruence with real-life commodities. The author does a wonderful job of providing insight into an extremely challenging sector. It is difficult, but once oil is produced, the "oil cartels" take over. How much it costs you to discover, extract, and transport oil to market is your concern.
The major relevance of these topics can be understood from the current crises deriving themselves from the current crisis in Ukraine and Russia, especially the oil and gas crisis in Europe.
The author makes use of multiple methods to explain how digitalisation and digitisation are changing the landscape of innovation across the world, especially in the case of Oil and Natural gas (ONG), by not only lowering input and output costs but also, eroding demand for fossil fuels and expanding worldwide supply, for example, the Nord streams.
In addition, the author defines digital and makes logic as well. These building blocks are based on the computer chip and are subject to the constant pressures and improvements provided by Moore's Law, which rapidly reduces costs and renders obsolete the technology of the past.
The book offers persuasive claims for how these regions may be influenced by future oil and gas use and requirements. It closes with some insightful considerations that there are numerous noteworthy developments in the oil and gas industry, but here are some that the author believes will change the entire scope:
Demographics, Technology, Climate Change, Markets and Transportation
While there is a growing consensus that the world must transition away from oil and toward greener, more ecologically friendly sources, the reality is something very different. Oil will be around for the next two generations. This is the truth. It makes good financial, economic, and environmental sense to extract it and utilise it as cleanly as possible. The author's work is riveting reading for individuals in decision-making positions or who advocate for intelligent policy judgments in the next decades.
The major relevance of these topics can be understood from the current crises deriving themselves from the current crisis in Ukraine and Russia, especially the oil and gas crisis in Europe.
The author makes use of multiple methods to explain how digitalisation and digitisation are changing the landscape of innovation across the world, especially in the case of Oil and Natural gas (ONG), by not only lowering input and output costs but also, eroding demand for fossil fuels and expanding worldwide supply, for example, the Nord streams.
In addition, the author defines digital and makes logic as well. These building blocks are based on the computer chip and are subject to the constant pressures and improvements provided by Moore's Law, which rapidly reduces costs and renders obsolete the technology of the past.
The book offers persuasive claims for how these regions may be influenced by future oil and gas use and requirements. It closes with some insightful considerations that there are numerous noteworthy developments in the oil and gas industry, but here are some that the author believes will change the entire scope:
Demographics, Technology, Climate Change, Markets and Transportation
While there is a growing consensus that the world must transition away from oil and toward greener, more ecologically friendly sources, the reality is something very different. Oil will be around for the next two generations. This is the truth. It makes good financial, economic, and environmental sense to extract it and utilise it as cleanly as possible. The author's work is riveting reading for individuals in decision-making positions or who advocate for intelligent policy judgments in the next decades.
May 4, 2023
"Bits, Bytes, and Barrels: The Digital Transformation of Oil and Gas" by Geoffrey Cann and Rachael Goydan is a fascinating exploration of how the oil and gas industry is being transformed by digital technology. The book provides a comprehensive overview of the key digital technologies that are driving change in the industry, and explores the challenges and opportunities that these technologies present.
The authors begin by outlining the key trends that are driving digital transformation in the oil and gas industry, including the growth of big data analytics, the adoption of cloud computing, and the development of artificial intelligence and machine learning.
The book is divided into several parts, each focusing on a different aspect of digital transformation in the oil and gas industry. The first part explores the impact of digital technology on upstream operations, including exploration, drilling, and production. The second part focuses on midstream operations, including transportation, storage, and distribution. The third part explores the impact of digital technology on downstream operations, including refining, marketing, and retail.
Throughout the book, the authors provide real-world examples and case studies to illustrate the benefits of digital technology in the oil and gas industry. They also explore the challenges and risks associated with digital transformation, including cybersecurity risks and the need for new skills and expertise.
Overall, "Bits, Bytes, and Barrels" is an excellent resource for anyone interested in understanding how digital technology is transforming the oil and gas industry. The book is well-written, highly informative, and provides valuable insights into the challenges and opportunities presented by digital transformation. Highly recommended for anyone working in or interested in the oil and gas industry.
The authors begin by outlining the key trends that are driving digital transformation in the oil and gas industry, including the growth of big data analytics, the adoption of cloud computing, and the development of artificial intelligence and machine learning.
The book is divided into several parts, each focusing on a different aspect of digital transformation in the oil and gas industry. The first part explores the impact of digital technology on upstream operations, including exploration, drilling, and production. The second part focuses on midstream operations, including transportation, storage, and distribution. The third part explores the impact of digital technology on downstream operations, including refining, marketing, and retail.
Throughout the book, the authors provide real-world examples and case studies to illustrate the benefits of digital technology in the oil and gas industry. They also explore the challenges and risks associated with digital transformation, including cybersecurity risks and the need for new skills and expertise.
Overall, "Bits, Bytes, and Barrels" is an excellent resource for anyone interested in understanding how digital technology is transforming the oil and gas industry. The book is well-written, highly informative, and provides valuable insights into the challenges and opportunities presented by digital transformation. Highly recommended for anyone working in or interested in the oil and gas industry.
May 31, 2022
First of all, I'd like to thank Booktasters & the authors for the opportunity to read this book in return for the review.
Bits, Bytes, and Barrels: The Digital Transformation of Oil and Gas is about the impact of digitization that is having & will have on oil & gas industry, as they continue to adopt the technology in various sectors including mining, construction, maintenance, labor management, drilling & so on. The authors - Geoffrey Cann & Rachael Goydan - both have number of years of experience in advising oil & gas industries.
“Oil and gas is generally cautious when it comes to embracing change, and for good reasons—safety being a primary one.”
The book is an interesting read, especially for those who have basic knowledge of digital technology & can understand their impacts. Though this book particularly talks to those who work in O&G Fields but one doesn’t need to be in the same to understand what the author is advising and discussing.
"Where the oil and gas industry has always worked in a world of constraint, digital is creating a world of abundance."
I was advised by the author himself that it's better to listen to this book than to read & so I used the "Read Aloud" option of Microsoft Edge. I'll ask all the readers to do so because it is more like a discussion than any fiction.
Happy Reading!
Bits, Bytes, and Barrels: The Digital Transformation of Oil and Gas is about the impact of digitization that is having & will have on oil & gas industry, as they continue to adopt the technology in various sectors including mining, construction, maintenance, labor management, drilling & so on. The authors - Geoffrey Cann & Rachael Goydan - both have number of years of experience in advising oil & gas industries.
“Oil and gas is generally cautious when it comes to embracing change, and for good reasons—safety being a primary one.”
The book is an interesting read, especially for those who have basic knowledge of digital technology & can understand their impacts. Though this book particularly talks to those who work in O&G Fields but one doesn’t need to be in the same to understand what the author is advising and discussing.
"Where the oil and gas industry has always worked in a world of constraint, digital is creating a world of abundance."
I was advised by the author himself that it's better to listen to this book than to read & so I used the "Read Aloud" option of Microsoft Edge. I'll ask all the readers to do so because it is more like a discussion than any fiction.
Happy Reading!
February 10, 2024
Bits, Bytes, and Barrels: The Digital Transformation of Oil and Gas, by Geoffrey Cann and Rachael Goydan, delves into the profound impact of digital technology on the oil and gas industry. The book begins by outlining the core building blocks of digital tools, such as cloud computing, artificial intelligence, and blockchain.
Within the text, real-world illustrations, case studies, and an extensive glossary enhance comprehension. The authors express the industry's imperative to welcome digital innovation, tackling issues like retaining talent, confronting climate change, and navigating the transition away from fossil fuels. At its conclusion, the book offers concrete guidance for instigating and hastening the integration of digital technologies within the oil and gas sector. Underscoring the pivotal role of ongoing learning initiatives and awareness programs, it highlights the imperative for boards to effectively navigate their responsibilities in the evolving terrain of the digital era.
In summary, Bits, Bytes, and Barrels is a comprehensive guide for industry leaders, offering practical advice, cautionary insights, and a compelling vision of the digital future for oil and gas.
In delving into this genre for the first time, the complexity of the content presents a challenging yet valuable experience. As someone with limited prior exposure to this specific topic, I find the material somewhat overwhelming. Despite its nuances, I acknowledge the importance of exploring unfamiliar subjects. Venturing beyond familiar interests offers fresh perspectives and opportunities for intellectual growth. Although the reading journey may be demanding, I embrace the chance to broaden my knowledge horizon and appreciate the potential for gaining new insights.
Within the text, real-world illustrations, case studies, and an extensive glossary enhance comprehension. The authors express the industry's imperative to welcome digital innovation, tackling issues like retaining talent, confronting climate change, and navigating the transition away from fossil fuels. At its conclusion, the book offers concrete guidance for instigating and hastening the integration of digital technologies within the oil and gas sector. Underscoring the pivotal role of ongoing learning initiatives and awareness programs, it highlights the imperative for boards to effectively navigate their responsibilities in the evolving terrain of the digital era.
In summary, Bits, Bytes, and Barrels is a comprehensive guide for industry leaders, offering practical advice, cautionary insights, and a compelling vision of the digital future for oil and gas.
In delving into this genre for the first time, the complexity of the content presents a challenging yet valuable experience. As someone with limited prior exposure to this specific topic, I find the material somewhat overwhelming. Despite its nuances, I acknowledge the importance of exploring unfamiliar subjects. Venturing beyond familiar interests offers fresh perspectives and opportunities for intellectual growth. Although the reading journey may be demanding, I embrace the chance to broaden my knowledge horizon and appreciate the potential for gaining new insights.
October 13, 2023
When a reader thinks of industries transformed by digital technologies, resource intensive industries like the energy sector are not the first to come up but the opportunity for digital transformation is present aplenty and is outlined very well in the book.
Prior exposure to the oil and gas industry or the digital transformation is not mandatory as the author begins by outlining exactly what is considered "digital" transformation and the opportunities present in the oil and gas industry.
We read a very thorough analysis of multiple technologies, impact potential, the timeline of impact, potential methodolgy to adopt them - all across the entire value chain. The arguments present in the book are accentuated with case studies that demonstrate the point made. Far from idealistic, the author also presents the very realistic challenges to adoption.
The chapter outlines begin with questions posed to the reader in layman terms, prompting the reader to think on how the questions are answered but not so jargon heavy that they are intimidated. Examples and quotations from executives within the industry add as a good foil to the realtime thought process of the people within the ecosystem.
The sharp insights in the book hold up despite being written in 2019, almost four years ago and pre-pandemic. It provides a good base for the follow up book in the series written post the pandemic which has accelerated the predictions outlined into reality of the near future of the industry.
Both books read together, demonstrate the author's expertise and knowledge of each aspect of the vast industry, engaging the reader from the start to end.
Prior exposure to the oil and gas industry or the digital transformation is not mandatory as the author begins by outlining exactly what is considered "digital" transformation and the opportunities present in the oil and gas industry.
We read a very thorough analysis of multiple technologies, impact potential, the timeline of impact, potential methodolgy to adopt them - all across the entire value chain. The arguments present in the book are accentuated with case studies that demonstrate the point made. Far from idealistic, the author also presents the very realistic challenges to adoption.
The chapter outlines begin with questions posed to the reader in layman terms, prompting the reader to think on how the questions are answered but not so jargon heavy that they are intimidated. Examples and quotations from executives within the industry add as a good foil to the realtime thought process of the people within the ecosystem.
The sharp insights in the book hold up despite being written in 2019, almost four years ago and pre-pandemic. It provides a good base for the follow up book in the series written post the pandemic which has accelerated the predictions outlined into reality of the near future of the industry.
Both books read together, demonstrate the author's expertise and knowledge of each aspect of the vast industry, engaging the reader from the start to end.
August 27, 2023
Written by a leading expert in the field, this read provides susbtantial research, statistical data and in-depth analysis.
The main issue that the author addresses is the different nature of extractive industry compared to digital technologies. Basically, they differ in their approach and perspective. Similarly, for example, natural sciences, including biology and medicine, also have a unique perspective, in comparison with any IT sector.
Combining the two approaches in an effective way should achieve the desired results of higher efficiency, 'greener' industries, decarbonization, improved reputation etc.
Of course, this cannot be realized overnight, but will require a strategic approach and well-targeted planning stages. That would be a challenge for both the digital technology and the extractive industry, apparently. The cost of investment would also be relatively significant, whereas the room for trial and error should be minimized.
However, the envisaged benefits would be greater for both of them as well. Therefore, the writer suggests that the digital transformation in this particulat industry is worth accomplishing in the long run. Otherwise, the risks of obsolescence and its consequences would be even bigger.
Recommended to people interested in varous industries and digital transformation.
The main issue that the author addresses is the different nature of extractive industry compared to digital technologies. Basically, they differ in their approach and perspective. Similarly, for example, natural sciences, including biology and medicine, also have a unique perspective, in comparison with any IT sector.
Combining the two approaches in an effective way should achieve the desired results of higher efficiency, 'greener' industries, decarbonization, improved reputation etc.
Of course, this cannot be realized overnight, but will require a strategic approach and well-targeted planning stages. That would be a challenge for both the digital technology and the extractive industry, apparently. The cost of investment would also be relatively significant, whereas the room for trial and error should be minimized.
However, the envisaged benefits would be greater for both of them as well. Therefore, the writer suggests that the digital transformation in this particulat industry is worth accomplishing in the long run. Otherwise, the risks of obsolescence and its consequences would be even bigger.
Recommended to people interested in varous industries and digital transformation.
June 30, 2021
Through Booktasters I was able to read Bits, Bytes and Barrels, in exchange for an honest review. The book was available to read via Audible so this time I was able to walk, run and do other things whilst listening to the book. I listened to it from start to finish despite this being the type of book that people may skim, or read part of rather than the full text.
This type of book is written in such a way that you can read the chapters that interest you, or the book in its entirety, but if you read it from cover to cover there will be some repetition. I read it from cover to cover, over a relatively short period of time because I had to provide an honest review.
I do not know much about the oil industry. I know that they have oil rigs, trucks, petrol stations, refineries and more, and that they make billions or even trillions of dollars. What I didn’t know, or at least didn’t think about, is that they had some of the first data centres in the 90s. They collected data from oil wells, from oil exploration and more, and then they got experts to go through that data to decipher where to place operations.
Something that seemed alien to me, as a person reading this in 2021 is of the idea of data as a cost, rather than wealth. It’s interesting that it took some convincing to get oil exploration to take advantage of artificial intelligence in order to speed up and increase oil exploration accuracy.
The book explores interesting ideas, and provides context for an industry that we often see in the news, but mainly when things go wrong, without understanding much of what goes on behind the scenes. This book provides a window into that world.
February 8, 2024
Bits, Bytes, and Barrels" explores the digital transformation sweeping through the oil and gas industry. The authors, Geoffrey Cann and Rachael Goydan, delve into how advancements in technology are revolutionizing traditional practices and reshaping the future of energy. The book covers various aspects of digitalization, including the adoption of AI, IoT, blockchain, and data analytics, and their impact on operations, cost efficiency, and sustainability. Through case studies and expert insights, the authors illustrate how companies are leveraging digital tools to optimize exploration, streamline production processes, enhance safety, and reduce environmental impact. Moreover, the book addresses key challenges and opportunities associated with digital transformation, offering practical strategies for industry leaders to embrace innovation and stay ahead in a rapidly evolving landscape. Whether you're a seasoned professional or a newcomer to the industry, "Bits, Bytes, and Barrels" provides valuable insights into the future of oil and gas in the digital age.
September 11, 2024
When i started reading this book, it was so heavy on me to grasp as this was a whole new area for me, but with the current energy crisis in my country, i realized this is a comprehensive guide to how digital technologies are reshaping the oil and gas industry.
I was writing a Bankable proposal for South African lube company and this read became really helpful as the author expertly break down complex concepts like AI, blockchain, and IoT, making them accessible even to those without a technical background. They provide real world examples and case studies, demonstrating the tangible benefits and challenges of digital transformation in this sector.
The book is well structured, offering strategic insights for industry professionals and those like me who had no prior background knowledge looking to leverage digital tools to stay competitive.
Overall, it's an essential read for anyone interested in the future of energy.
I was writing a Bankable proposal for South African lube company and this read became really helpful as the author expertly break down complex concepts like AI, blockchain, and IoT, making them accessible even to those without a technical background. They provide real world examples and case studies, demonstrating the tangible benefits and challenges of digital transformation in this sector.
The book is well structured, offering strategic insights for industry professionals and those like me who had no prior background knowledge looking to leverage digital tools to stay competitive.
Overall, it's an essential read for anyone interested in the future of energy.
November 15, 2022
This is a very good book if you want to learn more about the Oli and gas industry which seems very far away from our daily life but in fact, has a great impact on everyone. And the digital transformation and case studies presented by the authors are so exciting and inspiring. The example in the book that once vehicles connect to each other and to the cloud, they can talk to each other and draft on the highway to save energy is so so cool! The digital transformation is changing every industry, everyone's life but sometimes we just forget too quickly how it was like 5 year ago. And there is more to come! And I also have the same worry with the authors for people who are not prepared for the shift. Let's all think carefully about the digital technology and cultivate a lifetime habit of learning new capabilities for the future.
March 20, 2024
As the title suggests this book is educative. As someone who has a little bit of experience in the digital field, I somewhat agree with the thoughts that are put forward. I had little knowledge about the oil and gas industry, but "Bit, Bytes, and Barrels: The Digital Transformation of Oil and Gas" gave me the needed knowledge.
Reading this made my inner researcher happy. The way the authors have given the information is amazing. Everything a person who needs to find out about the theory and even the practicals of the field is there. This book is like a one-stop or a beginner's guide to the Oil and Gas Industry with the added aspect of Digital.
Because of my experience in the field of digital media, I had a bit of a reaction toward the AI aspect of the book. I understand from which angle the writers put those thoughts together.
Reading this made my inner researcher happy. The way the authors have given the information is amazing. Everything a person who needs to find out about the theory and even the practicals of the field is there. This book is like a one-stop or a beginner's guide to the Oil and Gas Industry with the added aspect of Digital.
Because of my experience in the field of digital media, I had a bit of a reaction toward the AI aspect of the book. I understand from which angle the writers put those thoughts together.
August 22, 2023
Very detailed account of digital innovation's affects on the wider oil and gas industry. Though mostly oil and gas has mostly outdated non-digital machinery, it is impossible to really carry on without incorporating the latest digital innovations which are more of a necessity than just shiny bells and whistles. Oil and gas is slow to digital adoption particularly due to immense effort required for such an undertaking and partially due to lack of comprehensive understanding of the cost-cuttings and saving digital innovation can bring. Another reason might be severe lack of experts who got expertise both on the field and are also very tech-savvy. Overall an interesting "almost-technical" read and brings new perspectives for digital innovation.
February 17, 2024
If you need a comprehensive exploration of the digital transformation that is revolutionizing the oil and gas industry, this is a very good book to read. I enjoyed the insightful analysis and compelling case studies the authors adopted. They also demonstrate how emerging technologies like big data analytics, artificial intelligence, and blockchain are reshaping many aspects of the energy sector.
The focus on digital innovation, especially for operational efficiency, risk mitigation, and sustainability, also provides invaluable insights for concerned professionals who are hoping to navigate the evolving landscape of energy.
It's a very good book for anyone who wants to know more about the Innovations going on in the energy sector. The energy sector affects us all.
The focus on digital innovation, especially for operational efficiency, risk mitigation, and sustainability, also provides invaluable insights for concerned professionals who are hoping to navigate the evolving landscape of energy.
It's a very good book for anyone who wants to know more about the Innovations going on in the energy sector. The energy sector affects us all.
October 28, 2021
First and foremost, I'll mention that I started reading this book out of curiosity - Digital transformation of oil and gas industry? Now this is some connection that would he very interesting to read. And kudos to the the author for really holding my interest through the book. It is filled with facts and case studies. I really loved how some of the terms were so well explained (although few did require me turning to google). Another thing I liked about the book is that it's very well planned and things flow well.
But yes it can get a bit dry in places with little too much technical information but if that's what you are looking for then the book will be a definitely wholesome read for you.
But yes it can get a bit dry in places with little too much technical information but if that's what you are looking for then the book will be a definitely wholesome read for you.
November 21, 2022
I had to reread this because I wasn't able to grasp all the concepts in one go. I won't dive too much into details since it pretty much speaks for itself
For someone who only started to read about the relationship of oil and digital, this was honestly quite exhausting due to the nature of its difficulty. However, it was well-written in such a way that the explanation makes perfect sense. It's a great tool in understanding how digitisation affects a lot of areas. Oil and gas are one of the most controversial topics since it affects everything especially the environment.
Overall, it's a very informative read.
For someone who only started to read about the relationship of oil and digital, this was honestly quite exhausting due to the nature of its difficulty. However, it was well-written in such a way that the explanation makes perfect sense. It's a great tool in understanding how digitisation affects a lot of areas. Oil and gas are one of the most controversial topics since it affects everything especially the environment.
Overall, it's a very informative read.
December 26, 2023
Geoffrey Cann and Rachael Goydan has done a commendable job with "Bits, Bytes, and Barrels," shedding light on the profound digital transformation in the oil and gas sector. The book not only reveals the changes that have occurred over the years but also provides valuable lessons for industries like oil and gas considering digital adoption. Emphasizing the importance of people and culture in the digital landscape, it serves as a guide for later adopters to navigate potential pitfalls and harness the full potential of digital technologies. Kudos to Geoffrey Cann and Rachael Goydan for enlightening us about the future and the evolving reality of the oil and gas industry.
February 24, 2024
I feel this book is a complete explanation of the changes happening in the oil and gas industry in the economy as a whole. At times it feels like a reasearch papers on oil and gas discussed with the help of economic devices like graphs and case studies. I would love to recommend this book as a base for starting your own research on oil and gas or in case if you want to compare the renewable and non renewable sources of energy and the demand and supply side associated with it.
It is also an interesting read for people who are curious about oil and gas industry and want to study it in detail. It can be a complete solution and explanation for this topic
It is also an interesting read for people who are curious about oil and gas industry and want to study it in detail. It can be a complete solution and explanation for this topic
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