THE DIGITAL REFINERY
How MOL used a new approach to data to improve plant diagnostics, adopt alternate crudes and save millions.

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The petroleum industry is once again in the midst of titanic changes.Declining prices, expanding sources of supply, rising regulatory requirements and, perhaps most importantly of all, a dramatic shift in markets like transportation are forcing companies across the value chain to reconsider long held assumptions about expansion, growth and customer demand.

Luckily, these new challenges are coinciding with advances in big data, Internet of Things (IoT) and predictive analytics and the ability to leverage to process opportunity crudes and be more proactive and predictive in decision making. While the upstream oil industry has been a somewhat enthusiastic adopter of digital technology, the midstream and downstream segments have been conservative and slow to adopt. That is changing with the Industrial Internet of Things (IIoT), advanced analytics and big data. Collectively, we are inundated with marketing messages that are adding confusion and false promises, resulting in a good number of projects that go awry with limited or no business value and, worse, lost opportunity costs

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