FAAMG companies to become major players in oil and gas industry

2017 OEF AT FORUM INFOGRAPHThe survey respondents viewed that FAAMG companies will play significant role in global oil and gas industry. (Image source: Gulf Intelligence)Facebook, Amazon, Apple, Microsoft and Google (FAAMG) are expected to play a leading role in servicing the global oil and gas industry over the next decade, said Gulf Intelligence on the eve of Oman Energy Forum, in Muscat on 28 November 2017

About 54 per cent of the survey respondents viewed that FAAMG, the Silicon Valley technology giants, will play major role in oil gas industry, which is comparable to today’s Schlumberger or Halliburton.

The FAAMG group of companies could indeed go a long way to help the oil and gas industry to boost recovery rates from the world’s ageing reservoirs. The current global average of oil recovery from a reservoir stands at about 35 per cent of oil in place.

However, with the deployment of future technologies, this number could soar to 70 per cent, said the GIQ Survey.

More than 200 of Oman’s oil and gas industry stakeholders including the leadership of Petroleum Development Oman, Occidental of Oman and Shell Development Oman gathered in the event. The event was aimed at identifying the strategies to prepare the energy sector for the arrival of disruptive technologies such as artificial intelligence, robotics and automation.

Raoul Restucci, managing director of Petroleum Development Oman, said, “There are huge market and business opportunities arising in Oman and the region, and I believe these will offset and spawn from the automation substitutes, thus creating more jobs.”

The fifth edition of the Oman Energy Forum presented a progress report on the Oman Energy Industry,Academia R&D Protocol, which is an uber-like digital platform for industry, academia and government to collaborate on research in the Sultanate. The annual industry gathering also hosted the OXY Oman Student Awards 2017 for the advancement of post-graduate education in the country.

The event also focused on how industrial revolution could transform the future of work. The forum was supported by GlassPoint Solar and the Oman LNG Development Foundation.

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