General Electric Company (GE)’s Industrial Software To Connect BP plc (ADR) (BP)’s 4,000 Global Oil Wells
General Electric Company (NYSE:GE) disclosed that its industrial software will connect BP plc (ADR) (NYSE:BP)’s 4,000 global oil wells to the industrial Internet. The objective is to boost the efficiency of the international operations of the oil company across different verticals. The software will also help increase the production of oil. However, it will remain a question mark whether the oil company is ready to do in oil production since the oil price is witnessing downside pressures.
Downtime Minimized
General Electric Company (NYSE:GE) listed the advantages that BP plc (ADR) (NYSE:BP) will have by its data management software capacities. While the app will offer smarter insights and improved operational efficiency, the significant aspect is that there will be minimum unplanned downtime. It will also provide real-time visibility across different verticals.
The software will enable field engineers of the oil company to gain real-time access to common machine, as well as, operational data sets in all wells. The better information will allow its field personnel to enhance their efficiency apart from preventing, as well as, decide on the downtime duration. Currently, the project would be implemented in 650 wells of BP plc (ADR) (NYSE:BP). However, that would be expanded to cover 4,000 oil wells throughout the world in the next several years.
Commitment
General Electric Company (NYSE:GE) said that the project indicated the commitment of BP in the deployment of technology to improve its results. At the same time, it will slash the complexity of its operations. More than these, the project makes them not only safe but also more reliable.
In 2014, General Electric Company (NYSE:GE) has boosted the portfolio of its industrial Internet tools in the oil and gas sector. That enables the efficiency as the top priority for its customers in the existing weak oil price environment. The company believes the Industrial Internet knowledge in combination with tangible infrastructure positioned itself uniquely to continue to grow.
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