BMI View:While development of an Internet of Things ecosystem in Asia would help oil companies to improve processes and to reduce costs through better data analytics, limited capital resources to invest in projects and the threat of security risks in the region will pose a barrier to greater integration efforts. As low oil prices and the resulting impact on revenues plague the Asian oil and gas (O&G) industry, companies are pushed to find creative ways to remain competitive, improve operational efficiency and reduce costs. The means to achieve this has led Asian oil companies to embrace technology, spearheaded by state-led giants including PetroChina and Petronas that announced plans to increase spending on technology development over the coming years (see 'PetroChina: Upstream Targets Unachievable', August 24 & 'Petronas: Cost Cuts, Efficiency Key To Weather Crude Downturn', August 22).
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