2022
DOI: 10.1155/2022/1005813
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Application of Industrial Internet of Things (IIoT) in Crude Oil Production Optimization Using Pump Efficiency Control

Abstract: The collapse of oil prices in mid-2014 and early 2016 was the biggest in modern history that witnessed more than a 70% drop in the price to around $40 barrel. It prompted companies to think seriously to maintain profitability. Most companies were able to survive partly by simplifying their operations. Price recovery in 2021 is only 70% of its peak value. Companies are focusing on reducing the cost of operations, increasing production simultaneously, and finding new and different strategies to survive. The curr… Show more

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Cited by 5 publications
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