Woodmac: Digitalization Can Save Oil Upstream Business $73 Billion A Year

Energy firms could save an annual $73 billion within five years in oil and gas exploration and production by making better use of existing computing technology, energy consultancy Wood Mackenzie said on Nov. 12.

Exploration and production, known as the upstream industry, requires energy firms to analyze huge amounts of seismic and geological data and to monitor and maintain offshore platforms and other complex assets, often in high-risk environments.