Oil & Gas COs Seeking IT Integration In Every Aspect: Frost & Sullivan

The Information Technology (IT) revolution has seen many sectors moving towards the adoption of IT to enhance business productivity. Among these, the Oil and Gas sector has been one of the fastest adopters of IT solutions. Oil and Gas companies were forced to look at adopting IT due to growing competition and fluctuations in crude prices and to optimise performance and plant assets.

Frost & Sullivan, along with Rolta, released a Whitepaper titled, ‘Oil and Gas Information Technology: Enabling Operational Excellence,’ in Mumbai. The Summit was a platform for deliberation on business challenges and emerging technologies in the IT landscape. The Whitepaper covers the evolving market dynamics in the Indian Oil and Gas sector, key industry drivers, industry challenges, how technology is the growth enabler, and how can companies ensure optimum returns from their IT investments. Besides this, the Paper focuses on a new portfolio of CIO challenges based on the CIO survey, and finally presents recommendations and solutions that the Oil and Gas companies need to focus on.

According to Nishchal Khorana, Head Consulting, Information and Communications Technology Practice, Frost & Sullivan, South Asia and Middle East, “The Oil and Gas companies are continuously upgrading their IT skills and technology, and consistently striving to improve their organisational performance. The companies are seeking IT integration in every aspect, to derive the true value of IT, and thus ensure high returns.”

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The key restraining factor for IT adoption is the high product and licensing cost. A survey of the CIOs of the top Oil and Gas companies in India revealed the key challenges and issues that the companies need to re-evaluate in their IT strategy to achieve optimal operational efficiency and superior asset utilisation. The challenges faced by the CIOs are Lack of Operational Visibility, Difficulty in Managing Key Performance Indicators (KPIs), Data Accuracy and Validity Concerns, Difficulty in Quantifying Return on Investments (ROI), and Lack of Insight into Asset and Resource Utilisation.

Speaking on the occasion, Dr. Sohrab Bhot, Group Director, Rolta India Limited said, “Rolta has been serving Oil and Gas companies, ever since its inception in the early ’80s. Leveraging its deep understanding of downstream and upstream industry operations, coupled with its technology expertise in Business Intelligence and Enterprise Integration, Rolta recently launched OneView, an innovative solution with field-proven benefits for plant operators to significantly improve operational efficiencies and reliability.”

OneView has also been successfully tested and deployed in the Petrochemical and Power Distribution/Transmission segments. We are very pleased to note that there is an almost ideal match between the industry challenges highlighted by Frost & Sullivan in its Industry Study and how they can be addressed through OneView. We are proud to be associated with Frost & Sullivan for this Summit.”