In late 2016, sunlight, wind and geothermal heat are no longer a surprising source of renewable energy but rather a permanent solution. For example, over the last 40 years since solar energy was first introduced, it has become a self-evident part of society that works alongside other methods.
Our blog - IIoT thinking
In the first half of December North Dakota saw the Belle Fourche Pipeline, which carries approximately 1000 barrels of oil per day, rupture and release over 176,000 gallons of oil.
Although much of the commentary on the Internet of Things (IoT) is focused on consumer applications, there is a growing awareness of the transformational opportunity presented by Industrial IoT (IIoT) applications underpinned by edge computing.
Since their invention, batteries of many shapes and forms have been a ground-breaking discovery, used everywhere from phones and household appliances to sizeable vehicles.
There is little the oil industry has not attempted in the search for cost reductions. Over time, it has continued to introduced new technologies and reformed old systems but sometimes it takes something as simple as a fresh look at conventional processes to save millions.
Ten years ago, in 2006 IBM’s principal investigator David Ferrucci tested a question-answering system that was meant to respond to the clues of a quiz show but only performed at a correct rate of 15%.
Cost efficiency – it is always a topic of conversation where IoT is mentioned. IoT saves money, time and effort for the customer and leads to better results for the user. Yet IoT is constantly changing and with new methods come new benefits – sometimes even for the provider too.
The now familiar crypto currency, Bitcoin, is known around the world and used by over 10 million people. As one of the first of its kind it had a struggle first to gain market traction and is still not quite as popular as predicted at the time of its launch, yet it is a very fitting example of the success a digital currency alternative can have.
In a race to save costs and maximise profit, mining companies have often chosen to work individually and not even considered cooperation with others as a viable option.
It is no secret that oil drilling and pumping is a financially demanding process but it is even more so when it is a question of oil sands. They not only require a substantially larger amount of water and energy in the drilling stage but the extracted oil then needs to be either upgraded to a different oil type or diluted.