![]() O&G companies around the world are now focussing on IoT to increase overall efficiency and decrease non-productive time as well as costs. It will play a significant role in lower operating expenses and increase the reliability of the complete production plant. IoT is the next step in the evolution of the oil and gas industry. ![]() In fact, refineries that have incorporated IoT in their operations are known as Smart Refineries. With the use of IoT, refineries can plan their shutdowns, minimize their downtime, and improve safety record. Refinery shutdowns, handling various grades of crude oil, and changing environmental regulations are pushing gross refining margins down to a bare minimum. Events such as these force the O&G companies to restructure their upstream, midstream and downstream operations. Currently, the oil price is hovering around $70/barrel. Since the last quarter of 2014 oil prices have plummeted from $100/barrel to less than $30/barrel in 2016.
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