Deployment of advanced data analytics and AI are helping Austrian integrated oil and gas company OMV achieve spectacular efficiencies across its operations, according to its digital technology leader, reports Forbes.
Markus Berghofer, Vice President of Digital Excellence at OMV, revealed the company which began its current phase of digital innovation little over 12 months ago, has reduced its production costs from $15 per barrel of oil equivalent down to $7 per boe.
“Various operational efficiencies have brought that about, not least digital. We have pledged €500 million ($566 million) towards digital innovation in the run-up to 2025. The drive is not just about operational efficiencies; it’s about a range of issues from sustainable health and safety practices to attracting new talent to the oil and gas industry via a strong digital presence.”
In 2018, OMV’s daily production stood at ~427,000 boe per day. Away from oil and gas production, the company operates three refineries with a total annual processing capacity of 17.8 million tons and more than 2,000 filling stations in ten countries. It also runs gas storage facilities in Austria and Germany.
Berghofer said OMV’s current digital drive enjoys strong backing from Chief Executive Officer Rainer Seele, Executive Board Member and Deputy Chairman of OMV Johann Pleininger, and the company’s board.
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September 8, 2018