The oil and gas (O&G) industry has been evaluating several digital technologies to improve productivity, efficiency, and safety while lowering capital and operating costs, health and environmental concerns, and project life cycle unpredictable factors. The use of developing technology enables oil and gas companies to create digital twins (DT) of their assets. Before COVID-19, oil and gas firms had to overcome major challenges to their financial success, environmental responsibility, and efficiency. Prices have decreased so drastically because of the epidemic that there is now an extreme need for dealing with these problems right away. Extending digitization efforts is one of the most obvious and practical solutions to these systemic problems, as it may increase durability and continue to be appealing to investors. Many things must be done while the oil and gas sector work towards net zero carbon emissions, one of which is the widespread implementation of digital transformation. The adoption of digital transformation across businesses is one of many things that must be done as the oil and gas industry attempts to reach net zero carbon emissions. If the oil and gas industry is to continue operating, it must conduct its operations as safely as possible, which digitalization will help in doing. Companies need to focus their digitization efforts by linking them to the features that are most valuable. Businesses must develop fundamental abilities in data and analytics, technological architecture, civilization, and cybersecurity. By doing things effectively, downstream oil and gas industries will undergo a technology-driven change. This paper analyzes a review of failure analysis and risk mitigation.
Keywords: Digital Transformation, energy industry, failure analysis, production efficiency, risk mitigation
