OpenBots Partnership | Webinar | July 15,2021 | 10:00 AM EST

Oil and Gas

In 2018, the total revenue of the United States’ oil and gas industry came to about 181 billion U.S. dollars. Given the size of this industry, digital transformation is a must, and many of the largest oil and gas companies have adopted RPA to help kick their operations into high gear while keeping operating costs low.

There are several specific drivers for RPA adoption in the energy sector:

  • High Cost of Regulatory Compliance – Various environmental protection regulations are causing companies to incur substantial capital, operating and maintenance, and remediation expenditures.
  • Legacy Systems – Legacy IT systems aren’t always able to integrate with newer technologies, leaving IT teams constantly patching and updating to allow availability.
  • Operational Risks – Operational hazards such as fires, severe weather, and geological events are a constant threat to oil and gas companies; delays in response can easily result in the disruption of operations.
Additionally, due to global market volatility, the industry has undergone drastic changes shifts in supply and demand. And because the processes in this industry vary in complexity, there is a greater need for flexible and scalable solutions. Given these factors, license-free RPA is an ideal solution to help organizations tackle these challenges.
As with numerous other industries, RPA can be deployed in horizontal functions such as finance, accounting, human resources, and IT. But it also plays a major role in specific oil and gas functions: Companies can use it to streamline appraisal reporting, material and services procurement, well production analysis, regulatory reporting, exploration analytics and reporting, and optimized drilling performance. RPA can also be applied to the oil and gas supply chain in functions including sales forecasting, sourcing, purchase order management, batch validation, and service contract management.
With businesses in the oil and gas industry dealing with a number of regulations, compliance is another ideal candidate for RPA. RPA, when applied to these rules-based compliance processes, allows companies to monitor all the aspects from an operations standpoint and raise exceptions when necessary. With many oil and gas companies relying on legacy systems to carry out their core processes, RPA facilitates communication between these platforms and newer systems, is far less intrusive than legacy application upgrades or replacements, and carries much lower risk. RPA seamlessly facilitates communication between legacy platforms and newer systems to enable communication and cross-platform data collation without extensive manual navigation.
Some of our energy clients have seen notable results deploying license-free RPA for the following use cases:
  • Close process automation
  • Joint venture accounting
  • Locating procurement catalog files
  • Wells management processing
  • Electronic ticketing support
With the energy industry continuing to expand, and its processes continuously growing in scope and complexity, RPA can be a bottom line booster as oil and gas leaders optimize their operations and plan for the long-term stability of their organizations.

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