Digital Oil Field System

Engineers at a resource development site located in Alberta, Canada.
Engineers at a resource development site located in Alberta, Canada.

 

POSCO ICT announced on June 8 that it is working on a digital oil field system based on the PosFrame, which is a smart industry platform of the POSCO Group.

The digital oil field system can be defined as a combination between advanced information and communications technology (ICT) and the development of oil, gas, shale gas, etc. It is characterized by monitoring every resource development process ranging from exploration and drilling to production in real time and providing various types of information and data by means of big data analysis.

For example, Internet of Things (IoT) sensors are applied to on-site facilities so that the facilities can be monitored in real time. In addition, data collected from the sensors are analyzed with big data for remote management, automatic control, repair and maintenance. The system is based on cloud computing and, as such, the services can be provided without physical systems having to be established at the production sites.

For optimization, the system POSCO ICT is working on is planned to be applied to small oil fields in Alberta, Canada that are run by South Korean public and private companies. Then, the system is going to be put into operation at more such sites located in China, North America, Southeast Asia and the Middle East.

“Digital oil field systems are expected to grow for the time being as oil field developers are trying to reduce their costs by means of the systems with the international oil price remaining at a low level,” POSCO ICT explained, adding, “The market outlook is very bright in that no digital oil field system has been applied to small-scale development sites and South Korean companies are currently running more than 4,000 small oil wells in Canada alone.”

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