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FAAMG companies to become major players in oil and gas industry

Industry

Facebook, Amazon, Apple, Microsoft and Google (FAAMG) are expected to play a leading role in servicing the global oil and gas industry over the next decade, said Gulf Intelligence on the eve of Oman Energy Forum, in Muscat on 28 November 2017

About 54 per cent of the survey respondents viewed that FAAMG, the Silicon Valley technology giants, will play major role in oil gas industry, which is comparable to today’s Schlumberger or Halliburton.

The FAAMG group of companies could indeed go a long way to help the oil and gas industry to boost recovery rates from the world’s ageing reservoirs. The current global average of oil recovery from a reservoir stands at about 35 per cent of oil in place.

However, with the deployment of future technologies, this number could soar to 70 per cent, said the GIQ Survey.

More than 200 of Oman’s oil and gas industry stakeholders including the leadership of Petroleum Development Oman, Occidental of Oman and Shell Development Oman gathered in the event. The event was aimed at identifying the strategies to prepare the energy sector for the arrival of disruptive technologies such as artificial intelligence, robotics and automation.

Raoul Restucci, managing director of Petroleum Development Oman, said, “There are huge market and business opportunities arising in Oman and the region, and I believe these will offset and spawn from the automation substitutes, thus creating more jobs.”

The fifth edition of the Oman Energy Forum presented a progress report on the Oman Energy Industry,Academia R&D Protocol, which is an uber-like digital platform for industry, academia and government to collaborate on research in the Sultanate. The annual industry gathering also hosted the OXY Oman Student Awards 2017 for the advancement of post-graduate education in the country.

The event also focused on how industrial revolution could transform the future of work. The forum was supported by GlassPoint Solar and the Oman LNG Development Foundation.

The oil and gas industry has been increasingly adopting AI technology in recent years, and this trend is expected to continue in the coming years. (Image source: Adobe Stock)

SmartMaster can be used with a range of ABB and third-party instruments. (Image source: ABB)

Comparison of conventional workflow with DUG MP-FWI imaging. (Image source: DUG)

GAC Saudi Arabia has extensive operations at major ports in Saudi Arabia. (Image source: GAC Saudi Arabia)

The expansion is expected to increase the plant’s processing capacity from 2.5 to up to 4 billion standard cubic feet per day (bscfd). (Image source: Aramco)

ARO Drilling and IMI announce first Kingdom jack up rig (Image source: ARO)

Oman LNG signed various agreements with Shell Gas to secure its gas supply until 2034. (Image source: Adobe Stock)

Michael Monica, director sales, marketing and customer care at GPT Industries signs the agreement with Mohamed Altaf, sale manager, Abdulla Fouad Energy Services. (Image source: Alain Charles Publishing)

Amin H. Nasser, CEO of Aramco. (Image source: Aramco)

The system can activate notification and hazard mitigation equipment to notify workers and safeguard facilities. (Image source: MSA Safety)

The use of blockchain in the oil and gas sector is set to increase substantially. (Image source: Adobe Stock)

The new discoveries will bolster Aramco’s strategy to increase gas production by more than half over 2021 levels, through 2030. (Image source: Adobe Stock)

Tethys Oil is currently conducting final preparations ahead of the rig mobilisation for the drilling of the first exploration well on Block 58, Kunooz-1 in Fahd.

Source: SafeStart

The new technology is designed to address the challenging conditions in unconventional wells. (Image source: Adobe Stock)

The Ampelmann A-type enabling safe offshore access in the Middle East. (Image source: Ampelmann)

Aramco has produced the first unconventional tight gas from its South Ghawar operational area ahead of schedule. (Image source: Adobe Stock)

Tethys Oil is currently conducting final preparations ahead of the rig mobilisation for the drilling of the first exploration well on Block 58, Kunooz-1 in Fahd.

TotalEnergies and SONATRACH will develop gas resources in Algeria's north-east Timimoun region, (Image source: Adobe Stock).

By using analytics to augment and empower the workforce, pipeline operators can optimise operations and improve asset availability. (Image source: Adobe Stock)

The oil price is hovering around the US$90/bbl mark. (Image source: Adobe Stock)

The Craig International Qatar team. (Image source: Craig International)

The SuperFill II diverter reduces induced surge pressure. (Image source: Halliburton)

Among other services, KBR will offer proprietary equipment for NCIC's 1,200 metric tonnes per day ammonia plant. (Image source: Adobe Stock)

The expansion is expected to increase the plant’s processing capacity from 2.5 to up to 4 billion standard cubic feet per day (bscfd). (Image source: Aramco)

Comparison of conventional workflow with DUG MP-FWI imaging. (Image source: DUG)

ADNOC Gas recorded robust financial and operational results in 2023. (Image source: Adobe Stock)

Over 4,000 km of SoluForce pipe has been installed around the world. (Image source: SoluForce)

Block 56 is targeted for commercialisation in 2024. (Image source: Canva)

The programme will optimise asset lifecycle, enhance machinery performance and improve overall reliability. (Image source: Adobe Stock)

The use of blockchain in the oil and gas sector is set to increase substantially. (Image source: Adobe Stock)

Source: SafeStart

GAC Saudi Arabia has extensive operations at major ports in Saudi Arabia. (Image source: GAC Saudi Arabia)

The company is well positioned in 2024, with a reshaped and resilient business and a strong balance sheet. (Image source: Adobe Stock)

The vessel addresses the growing demand for accurate hydrographic data. (Image source: Fugro)

The virtual inhouse seismic processing centre will allow each of the decentralised business units of Wintershall Dea globally to collaborate efficiently and directly with DUG. (Image source: Adobe Stock)