First Titan Corporation (FTTN) has recently announced its intentions to expand its industry portfolio into the digital oil field. For those that are unaware, the digital oil field is a primitive technology that gathers data related to an oil field (like depth, composition, etc.). Using this data, the technology draws a model that details where untapped oil may be. Additionally, it predicts the reservoir life cycle and reservoir fluid dynamics of the field using data from similar reservoirs. The model also determines the most accurate and efficient point to drill in the oil field.
Unlike technology before it, digital oil field technology has a remote collaboration platform called BEACON. This platform acts as a customer service and guidance center for clients of digital oilfield technology. When BEACON is activated, customers are instantly able to collaborate with First Titan employees to analyze models and reports developed by the oil field technology. Also, BEACON monitors electronics and fiber optics in the oil field to predict and determine if any problems may arise in the field. By incorporating BEACON into their product, First Titan Corporation is able to increase their selling potential. Some owners of oil drilling firms may be older and less inclined to use such a new, progressive technology like the digital oil field. So, members of BEACON are able to act as a liaison to interpret and analyze the reports for the owners with the owners doing little to no work.
The benefits of digital oil field technology are fairly obvious. For one, efficiency and productivity are drastically improved. Since the report developed by the digital oil field is incredibly precise, oil drilling firms are able to streamline their resources and time into one drilling location. There is no guessing as to where untapped oil may be with this new technology. Since efficiency and productivity is increased, price is drastically decreased. Firms don’t waste resources, and ultimately man hours, on unsuccessful drillings. Since the digital oil field technology is so new, a significant benefit of adopting the technology is that a firm would be ahead of their competition. By staying ahead of the technology curve, a firm can increase their immediate gross profit since they are tapping unexplored oil fields that the technology made apparent. Lastly, the BEACON platform provides unmatched benefits to the oil drilling firm. Not only does the BEACON platform provides assistance on analyzing reports from the digital oil field technology, but it also provides ongoing monitoring of electronics to predict and fix any problems in the oil field.
So, you may be asking, “what does this mean for the oil industry?” In short, it means times are changing. Digital oil field technology is the future of oil field production. The technology provides unmatched production and efficiency to oil drilling firms at a reasonable price. Additionally, the level of clarity and simplicity that the BEACON platform allows for easy adaptation by all oil drilling firms.
The oil industry is going to see a dramatic and rapid change over the coming years. The old way of gathering data and determining where to drill is gone. Going forward, data and reports related to oil drilling are going to automated and computerized. Analytical reports are crucial in determining where to drill and where untapped oil may be nested. Additionally, this technology is good news for firms that sell vacuum trucks, swab rigs, or winch trucks. Because of the increase in supply in oil from digital oil field technology, demand for these trucks will increase incredibly. In summary, digital oil field technology is going to result in firms seriously changing the way they collect data and create reports on an oil field. Oil production firms that don’t adapt the changing times and new technology will be left behind and their bottom line will suffer incredibly.