Technological Transition to the Internet of Things (IoT) in the Indian Oil & Gas Business and Economy
Authors/Creators
- 1. University of Petroleum & Energy Studies, India
Description
Abstract: The oil and gas industry is a significant player in the energy transition to fuel growth. The industry faces growing anxiety about the energy transition implication for their operations and contributions to reducing greenhouse gas emissions. Digital innovations and adopting digital technologies are crucial to strengthening the industry's economic stability. Internet of Things (IoT) technologies are emerging as answers that could streamline downstream oil and gas value chains by cutting costs and emissions and significantly impacting the entire ecosystem. In the Indian Oil and gas industry, IoT adoption is negligible from a downstream perspective. Given the increasing role of technology downstream, IoT adoption is needed for sustainable operation and revenue maximization.
Keywords: Internet of Things, Indian Fuel Retail, IoT in Oil and Gas, New Technology Adoption, Customer Experience
JEL Classification Number: O33
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