Institute of Petroleum Studies

October 4th, 2021 About the Bulletin

• About the Bulletin
This bulletin is written by students of the Centre for Oil and Gas
• Digital Transformation
Technology at IPS.
• Petroleum Updates
The content and views expressed in this document reflect only
the opinion of the authors and not of the School.

DIGITAL TRANSFORMATION

The way businesses are conducted is changing
because of digital transformation. Understanding
the potential of our technology, or addressing the
question, “What is our technology actually capable
of, and how can we adjust our business and
procedures to make the most of our technology
investments?” is an important part of digital
transformation.
engineering. Companies have begun to invest in
digital technologies such as Big Data, Analytics,
Automation & AI, 3D printing, Internet of Things (IoT),
and others in order to integrate IT with essential
operational tasks such as production, maintenance,
safety, and asset management.

Digital transformation is defined as the process

of using digital technologies to create new — or
modify existing — business processes, culture, and
customer experiences.
The oil and gas industry is undergoing a digital
transition that will have a multifaceted impact
Source: Sentegroup.com
on the upstream sector as well as petroleum
The four industrial revolutions are depicted in the

Petroleum Updates diagram above. Certain technologies have changed

Crude oil spot prices rise:
WTI - $77.15
UK Nat Gas - $5.928
the industry throughout history and the fourth
revolution is underway, and it entails a complete
Brent - $80.77
Bonny Light - $77.67 digital transformation of industrial processes.

Dpr targets N3.2 Trillion revenue by december

2021