The oil and gas industry is on the brink of an acceleration in its digital transformation. Supermajors have been early adopters of digital technologies, with many already benefiting from large cost savings. Over the last five years we have seen the major oil companies experiment with Industrial Internet of Things (IIoT), cloud services, digital twins, machine learning, AI and robotics.
A recent report by Ernst and Young highlighted that 75% of the oil and gas companies they surveyed are already implementing robotic process automation and 87% are using advanced analytics. 70% said they planned to implement IIoT in the next 18 months.
Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.