Abstract
After the Internet revolution, Internet of Things (IoT) is expected to be the next big technological change, connecting equipment as well as everyday objects to help businesses explore new ways of creating and delivering value. In the Oil & Gas industry context, IoT has been deployed extensively in the upstream sector and also to some extent in the mid-stream sector. However, it’s implementation in the downstream (retail) sector has been limited. This paper explores the applicability and impact of deploying an IoT solution at a fuel retail outlet. In our experiment, a live outlet was chosen in Kolkata, where a limited IoT solution was deployed, for a period of 3 months. Our research shows that IoT implementation can yield significant operational benefits by reducing the response times, leading to increased operational uptime and hence sales. It can also help improve the root cause analysis process by providing increased data to identify the issue(s).
Highlights
In the recent times, rapid growth is witnessed in the adaptation of Internet of Things (IOT)
While some research has been done regarding potential application of Internet of Things (IoT) in downstream Oil & Gas, conclusive primary research demonstrating the benefits of its application is extremely limited
Our research shows that IoT implementation can yield significant operational benefits, in terms of uptime and enhanced sales, even with a limited deployment
Summary
Rapid growth is witnessed in the adaptation of Internet of Things (IOT). Drones and wearable are the approaches getting the most attention and investment,IoT serves as a basic foundation for continuous monitoring and analysis of data In this regard, the application of IoT technologies in oil and gas monitoring systems makes a significant difference. Study has revealed that with connected IOT solutions, companies can (i) lower the cost through increased automation and monitoring of remote processes, (ii) Increase workplace safety and ensure environmental protection through collection of real-time sensor data and conditions, (iii) Increase operational efficiency through more accurate billing, loss prevention and better maintenance strategies including off-shore equipment and (iv) increase reliability and longevity of equipment through remote monitoring and data collection (https://www.sierrawireless.com/applications/energy/oil-and-gas/). The back-end application is capable of sending notification/alerts in the form of SMS/email immediately on receipt of failure signal from the sensors
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