The digitalization process is important in order to timely respond to challenges typical for oil production, Vice President of BP Production for the Azerbaijan, Georgia, Turkey region John Stephenson said during the Annual Caspian Technical Conference of the Society of Petroleum Engineers (SPE) in Baku, according to Trend.

“The processes of operation on oil platforms indicate that we need to function on a global scale, applying new trends in our actions to develop new promising wells and monitor them,” said John Stephenson.

Referring to the company’s 2017 report, BP vice president noted that the digitalization transformation is the potential to generate more than $1.6 trillion through the use of this transformation in the oil and gas industry.

“The correct control measures will be used in the comprehensive work at the Shahdeniz field,” Stephenson added. “The logistic difficulties on our way will be prevented through the use of new technological processes.”

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The BP vice president also emphasized that this includes using the latest technologies developed by scientists.

“The theme of the conference is topical, because it is necessary to begin cooperation with important partners and competitors,” Stephenson added.

The Caspian Technical Conference will continue until October 18. The main focus of the conference is the oil and gas industry in the Caspian region and at the global level.

The theme of the conference is digital transformation, which is reflected in thematic panel and technical sessions that bring together industry experts, representatives of regulatory bodies and innovative companies as well as students.