RUDN University economist and colleagues analyzed data from the largest oil and gas companies in Russia during the economic crises of 2020 and 2022 and proposed an algorithm that would increase the sustainability of the industry. The key factor here is Industry 4.0 technologies—artificial intelligence, Internet of things, Big data and others. The results were published in Resources Policy.
What role do Industry 4.0 technologies play in the oil and gas sector?
Industry 4.0 technologies, including artificial intelligence, the Internet of Things, and Big Data, can significantly enhance the resilience of oil and gas companies during economic downturns. These technologies facilitate automated data collection and analysis, which can streamline corporate reporting and improve government oversight, ultimately supporting sustainable development.
What were the impacts of the economic crises on oil prices?
In 2020, the pandemic led to a nearly 70% drop in oil prices within the first three months. In 2022, despite expectations of a downturn, world energy prices increased, negatively impacting the oil and gas sector. This volatility highlights the need for improved strategies to manage such crises.
What methodology was proposed for sustainable development in the oil and gas industry?
The proposed methodology for sustainable development includes three key steps: first, automated data collection using IoT and Big Data; second, data analysis through artificial intelligence; and finally, generating comprehensive reports based on the analyzed data. This approach aims to improve corporate accountability and support sustainable growth in the sector.
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