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How the Energy Industry benefits from the Cloud

The Energy industry is fostered to adopt the cloud technology to reduce costs, enhance efficiency, and help address growing oil and power needs, such as increasing amounts of data, real time access to data, or integration and standardization of IT operations.

Cloud computing offerings are used today by major energy companies all over the globe. Below are practical examples of how energy companies have adopted cloud computing to support and enable new services.

  • ExxonMobil Upstream Services built a cloud-based infrastructure service to deliver geo-imagery to land exploration workers, irrespective of their location.

  • Atmos Energy Corporation, the American distributor of natural gas, deployed a cloud service to assimilate acquired utility assets and consolidate operations spread across six business units.

  • Continental Resources in Colorado uses a cloud software service to manage compliance processes in hydraulic fracturing, or fracking, operations in the area.

The storing location of applications and data is now less important than how the data is used. Cloud computing can connect oil teams from around the world, enabling them to share information instantly and expedite the development process.

I believe the new cloud business model for the Energy industry enables Energy exploration and production through evolved next generation applications and decision support tools, while IT concerns become a utility which can be used according to one’s needs without the burdensome of ownership.

The financial benefits the Energy industry could take advantage are:

  • Fully utilized hardware

  • Lower power costs

  • Lower people costs

  • Zero capital costs

  • Resilience without redundancy

These benefits of adopting cloud in the utility and energy industry don’t differ too much. Besides cost, flexibility, and speed, which translates into more agile and responsive services, the main benefit for the utility industry is the global entry of smart grid and advanced metering infrastructure into utility operating models.

As you can see these are just a fraction of possible uses and benefits for the industry to take advantage of by utilizing the cloud technology. If you combine that with my earlier article around IoT in the Energy industry, can you see how if the Energy industry adopts this new emerging technology landscape that they can reap profits of old when the barrel of oil was $140 but now hovers between $65-$70? Join me down this path, to learn more send me a message on LinkedIn. *story by Michael Jenkins

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