Internet of Things or IoT is the system in which data is generated, captured and analyzed by a network of machines and sensors that are connected with each other. Although this technology is relatively new, the impact that it has on the socio-economic structure of our society is pretty enormous. Owing to its multiple advantages, almost all the industries are integrating this technology in one way or the other. Looking at the trend, oil, gas & energy companies have also started implementing some key concepts of this technology in their business. Companies realized the huge potential that this technology holds for this industry and started funding different research and development processes related to IoT.

The potential for IoT usage in the oil and gas sector are endless. Some of these are discussed in this article.
Remote Monitoring
To monitor different systems in plants, used to be the most challenging task for many companies in the oil and gas industry, but the IoT certainly changed that. With IoT technologies, all of the active systems are connected to a single network and are programmed in such a way that they can relay information back to any device, that’s connected to the same network.
Workers can now monitor every system and analyze the gathered information virtually from any location. Through the gathered information they can better understand the overall performance of the system and think about any improvement that is possible.
Remote Services
IoT technologies are also working towards making repairs and services that are not only cost effective but also safer in the oil and gas industry. The workers actively monitor the whole system by analyzing the gathered information from each and every system thus carefully scheduling the repairs and maintenance.
Systems are programmed to send alerts to other devices in case of any failure. Systems can also send alerts if they are about to experience some kind of malfunction, a high-pressure situation, or any other dangerous issues.
Systems can now self-diagnose and self-repair through IoT technologies. This saves us the trouble of hiring additional workers for repairs, which in return saves the company a great deal of money in labor costs.
With IoT technologies, the risk of workplace injuries is minimized because even if you’re working with more complicated and dangerous systems, you can easily service or repair them remotely or even autonomously.
Data Collecting
We are already familiar with the fact that the IoT can pass the system information to other connected mobile devices. What we don’t know is that it can also store the vital information of a company in an online storage unit, like a cloud computing system.
A cloud computing system is basically an online server. It is capable of storing the overall performance details of the system as well as any other important company data. People are now a day’s more inclined towards using the cloud because It is accessible from virtually any location but is also secure enough to keep the company details and information is protected from hacking.
Asset Tracking
The biggest area that the IoT is working on in the oil and gas industry is asset tracking. Through IoT technologies, companies can now use sensors to monitor everything from a small scale inventory to large scale oil and gas shipments traveling across the world.
These sensors can keep the exact count of the supplies that are present in your inventory and can alert you if any items are missing. They can easily track your shipments and can relay the location of each and every shipment that you’re expecting back to your office.
You can monitor the condition of oil and gas shipments through certain sensors as well. They can track multiple issues that occur during transit. Some sensors even let you remotely address the issues as well.

IoT is considered to be the next step in the evolution of the oil and gas industry. IoT ensures better optimization of the process, better decision making, and a safer working environment by analyzing the data that flow in real time from fields to boardrooms. In an industry that deals with trillions of dollars worth of business every year. Even a little improvement in terms of cost cutting and economic improvement will have a huge impact on the society. This improvement can be achieved by integrating IoT technology in this industry that is why companies are so interested in further research in this field.