Middle East Oil Battling Back Through Technology
Given the current marketplace when it comes to oil, it’s only natural that companies around the world would seek different ways to cut costs. Doing so helps alleviate some of the pressures resulting from the severe slide in prices that began two years ago.
One of the most recent ways to make this a reality is focusing far away from the rigs and fields where that oil is pumped. That’s why Microsoft has officially opened a center that focuses exclusively on the oil and gas industry in both the Middle East and Africa.
Located in Dubai, the center attempts to encompass all of the continuing technological innovations and apply them to the oil business. Some of the theoretical benefits that are expected to follow will be things like greater efficiency and more effective communication.
The ability to cut costs in different areas is the most obvious takeaway from this development. Using analytics and cloud computing to gauge the viability of future plans, while getting quick results in the process is a compelling lure for oil businesses. The industry that saw revenues sliced in half almost overnight.
One aspect of this setup that also figures to protect businesses outside the oil industry is related to cyber security. In 2014, it was estimated that more than 6,000 security-related issues took place in this particular sector. Given the fact that the Middle East itself is more vulnerable than other areas of the world, the need for such assistance becomes readily apparent.
While information technology (IT) isn’t usually what people think of when it comes to the oil market, it’s evident that the industry considers it a vital link. One estimate of IT spending by those companies in 2016 stated that a boost of $50 billion wouldn’t be a surprise.