Digital innovations are a critical enabler of the energy transition.
In these new energy systems, new value streams are emerging. For example, to produce and bring to market green hydrogen or to capture and store carbon. Whereas in existing industries the imperative is to decarbonise and reduce emissions.
For new value streams, we can make them ‘digital by default’. Creating connected and transparent digital foundations to help us operate and optimise the flow of activity.
In existing businesses, the imperative is on decarbonisation and emissions reduction. The World Economic Forum have stated that digital solutions can reduce global emissions by 20%.
So, what next?
In the medium-term, asset planning digital twins are helping operators model the expected emissions improvements on existing facilities along with the investment costs of different modification options. Our clients are also starting to use digital twins to optimise the energy efficiency of processes.
With methane the most powerful greenhouse gas, eliminating emissions is a major priority in oil & gas.
Our clients are investing in digital infrastructure, combining satellite data streams with drones and fixed site detection to detect and measure methane emissions.
In summary - with so much at stake, and so many competing priorities, we see four digital technologies standing out as key:
- The latest generation of publicly available generative AI is seizing our imagination and spurring rapid innovation in the use of broader AI and analytics in the energy industry.
- Integrated Digital Twins, which are now being augmented with emissions insight.
- The Industrial Internet of Things - As companies look to communicate with, operate and optimize very diverse and distributed asset types.
- Open Data technologies and standards are becoming important for collaboration in these multi-party ecosystems.
At Baringa we work with you to align your business and commercial drivers, to navigate the energy transition by deploying the right technology solutions to get you where you need to be.