Oil & Gas
Oil & Gas 360 Publishers Note: The financial world started using MiFD II as a standard of regulation in the EU, and ESG also has standards being built for corporate measurements. It would stand to reason that there would be a standard for communication. I think it is a great idea, with one caveat – countries security.
Digital transformation stands to unlock $1.6 trillion worth of value for the oil and gas industry, but that number could rocket up to $2.5 trillion if organizational and operational constraints are relaxed, the World Economic Forum wrote in 2017.
Although technology is advancing globally, it is not being developed symmetrically. Some parts of the world—and some industries—are more advanced than others, use different systems, and specific focus areas may differ. That would be fine if each area could operate in a vacuum, but for true technological evolution, we must consider global interoperability.
While the oil and gas industry continues to grow, it makes the world seem smaller—companies from Europe are partnering with their counterparts in the Middle East, who are partnering with other companies in Asia. As we become increasingly interconnected, we must be able to integrate our technologies so they can operate harmoniously with other systems.
Planning for interoperability means unlocking growth in every direction, as the world continues to push forth its technological advancements. In creating future technologies and their related systems, integration and interoperability must be taken into consideration.
That is where ISO 15926 comes in. It is an international standard which assists organisations in creating and developing global interoperability through a common language: globally standardized data. ISO 15926 concerns the representation and exchange of data in terms of the life cycle of industrial plants. The standard specifies an ontology for asset planning in process plants, spearheading comprehensive and future-focused data integration in the oil and gas sector—it is also applicable to refining, power generation, and manufacturing chemical and pharmaceutical products.
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