| |MAY 20198E ERGYTech ReviewReducing Cycle Time with Technology AdvancementsWhat are the current market trends shaping the Oil and Gas space? In the current low oil price environment, our Hess strategy is focused on preserving our balance sheet strength, preserving our core operating capabilities and preserving our long term growth options. Everything we do as a company, we make sure that it's sustainable because we are not in it for a short term; we are in it for a long run.What are the common business challenges the Oil and Gas sector face at this point in time? As a technology enthusiast, please opine your views on the steps organizations should take in combating those.Is there a way that technology can basically help us, or can provide either efficiency improvements or effectiveness that we hadn't seen or focused on before because we were so busy? This is an opportunity to look at process improvements and more efficiency improvement opportunities. In particular, to improve the operations performance as well as a reduced cycle time where it's possible. The technology can really be the enabler. With technologies like Big Data, Cloud, RFIDs, and IoT put into use, the Oil & Gas sector is through one of the most transformative periods in its history. What are your views on how these technologies can be timed to tackle productivity concerns within this sector? I believe this is one of the most transformational periods in history for our industry. When it comes to cloud, other innovative things and perhaps even big data, we are behind as an industry. Now is the time to not only look at it as a path forward, but to become leaders in some parts of this space. We are doing quite a lot of work already. We started it about two years ago on big data in our Bakken operation and now we are extending into our drilling operations and our offshore business. From system analytics to understanding what's possible and helping us make the right decisions. These are data-driven decisions vs. perceptions or exceptions or people's views. Actual, factual data-driven decisions.We have been actively migrating to the cloud. We started out on cloud activities two years ago when we divested our downstream business and all of our data and programming work was done in there. Zhanna GolodrygaBy Zhanna Golodryga, Sr. VP, Services & CIO, Hess CorporationBy using the cognitive technology and machine learning, we can focus on reducing cycle time from the inspection during the exploration stage, appraisal stage--all the way down to the developmentIN MY OPINION
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