SANTA CLARA, Calif., Sept. 24, 2020 /PRNewswire/ -- The oil and gas (O&G) industry is in the midst of a tectonic and perhaps permanent shift. The dramatic drop in demand caused by the COVID-19 pandemic has forced upstream companies to operate in a radically altered market. Cloud computing is now one of the most vital technologies for the upstream O&G industry because it provides agility. Digital serves as a catalyst for flexibility and aligning operations more closely with portfolio decisions.
Frost & Sullivan's latest white paper, Why COVID-19 is Accelerating Cloud and New Technology Adoption in the O&G Industry, analyzes the imperatives for cloud adoption in the O&G industry in the post-COVID-19 era. It presents the changing market drivers for cloud adoption in the upstream sector and the tenets for modern cloud architecture. It also examines the benefits of open-source, open-innovation, multi-cloud, and mobility for cloud adoption, as well as the advantages of hybrid clouds in current and future use cases.
To download the complimentary white paper, please visit: https://hub.frost.com/moderncloud/.
"User-friendly design patterns and open digital tenets are central to smooth, cost-effective operation and will help operators avoid any new integration debt," explained Chirag Rathi, Energy Practice, Director Consulting at Frost & Sullivan. "O&G companies that adhere to modern digital tenets of cloud computing can achieve sustained growth through improved software velocity and agility as well as benefiting from cloud-native application development."
"Cloud-based technology is empowering cross-functional and geographically dispersed teams to work more collaboratively and reduce time-to-decisions through unlimited scalability," noted John Archer, Chief Architect Energy at Red Hat. "The industry needs to embrace open transformation for a holistic cultural, process, and technology transformation. Modern frameworks such as DevOps and OpenStack are another key component that will help operators combine digital and agile. The current crisis has also presented companies an opportunity to avail the flexibility of hybrid clouds to reduce overall IT costs by investing in the right open-source technologies."
Operators are moving toward a more hybrid cloud strategy and a multi-cloud environment that allows them to use public and private clouds and make optimal use of the existing architecture in a data center. Hybrid clouds can enable:
- Seismic processing, interpretation, and modeling: Easily scale public clouds for dynamic workloads; reserve cloud or on-premises facilities for sensitive, less-volatile workloads.
- Reservoir simulation: Lower the cost of ownership of data infrastructure by utilizing public clouds for temporary spurts; match actual data management requirements to the public cloud, private cloud, or on-premises resources that can best handle them.
- Subsurface data platform: Segregate sensitive data from other generic data to lower the cost of data storage.
- Supply chain: Prepare for the adoption of blockchain-enabled smart contracts with vendors.
- Edge computing: Facilitate containerization for legacy services to interact with modern cloud services.
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SOURCE Frost & Sullivan