How Digital Twins Will Help to Unlock United Nations Sustainable Development Goals

Abstract

Abstract This study analyses the need to overcome barriers in the path to adoption of digital twin technology by oil and gas companies thereby achieving value maximization for investments. Case studies provide evidence for demonstrated achievements in terms of corporate sustainability, while pursuing the adopted United Nations Sustainable Development Goals, thus highlighting the existing and future possibilities made available by Digital Twin technology – building the case for digital twin technology as a breakthrough technology. In order to enhance efficiency, and safety, the hydrocarbon industry is looking at a wide range of digital technologies, including machine learning, artificial intelligence (AI), Internet of Things (IoT). It is becoming increasingly common for the hydrocarbon industry to use data-oriented solutions as a means to improve performance, efficiency, and cost-effectiveness. Understanding such complicated systems necessitates the simultaneous examination of data gathered from numerous sources. The next era of large production monitoring and efficiency systems will be based on Digital Twin (DT) modelling. From underground equipment to central production plants, it is part of a productivity-boosting solution that integrates data, simulation, and visualization. Hydrocarbon Exploration can greatly benefit oil and gas companies if these cutting-edge technologies are properly utilized in addition to pursuing the adoption of UN SDG vision. There are many ways in which this study aims to incorporate digital technology into hydrocarbon exploration, drilling and production. This study investigates the necessity of oil and gas companies overcoming obstacles and create an ecosystem that stand in the way of their adoption of digital twin technology in order to maximize the value of their investments and achieve value maximization.