Smart Solutions in the Oil and Gas Industry: A Review

Abstract

A great importance had been given to sustainable development in the past decades, especially within the oil and gas industry, companies around the world are expanding their strategies in order to follow the current trend and information and Communication Technology are considered as a key factor for achieving sustainable development. That along with the constant technological development the oil and gas sector is experiencing had forced the industry to adapt smart solutions in order to meet the market’s changing demand and improve the efficiency of its operations. With the goal of studying examples of smart solutions within the oil and gas industry from a general perspective, a literature review was conducted and the main characteristics and attributes of each solution had been exploited. Smart solutions gained a great appreciation in the industry, but their application is still modest, and the industry did not benefit from it in a meaningful way and has little impact on companies’ business model.