The oil and gas industry is one of the biggest sectors in the world in terms of annual revenue, producing an estimated $3.3 trillion yearly, according to IBISWorld. About 30 billion barrels of oil are consumed globally every year. Oil also accounts for a substantial percentage of energy consumption – 32% for Europe and Asia, 40% for North America, 41% for Africa, 44% for South and 53% for the Middle East.
Inspections in the oil and gas industry, even offshore, are still often performed with the help of a paper-based system. But holding on to the traditional way in today’s fast-paced world brings too many limitations and risks. The likelihood of human error due to inattentiveness is much higher with paper-based systems and those can have fatal consequences. Oil spills cause vast environmental and health damages and effectively preventing them should be a priority for all oil and gas companies. More and more companies realize this and as a result, are making the switch to digital tools.