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Shell (RDS.A) Signs Agreement for Well Business Digitalization
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Royal Dutch Shell plc signed an agreement with Kongsberg Digital to work on digital solutions to improve well delivery and performance.
Over the past years, industrial tech solutions provider Kongsberg Digital created a high-level roadmap for digital transformation for oil and gas companies. The strategy is based on flexible methodologies, open ecosystems, data integration and customer-focused solutions.
Shell utilized Kongsberg’s real-time data products to support its global well portfolio for many years. The company is currently implementing a digital transformation for its well business, with a considerable need for digital solutions. The latest agreement intends to cover the entire lifecycle of the well by providing shared visibility into the companies’ plan to increase the creation of market-driven applications.
Both companies have collaborated in various fields in the past. In 2019, Shell entered an agreement with Kongsberg to develop a dynamic digital twin of the Nyhamna facility.Shell extended the digital twin work last year, covering its upstream, integrated gas and downstream manufacturing. Earlier this year, Kongsberg signed a deal to provide Shell’s JAWS software to NLNG Ship Management’s 11 LNG carriers.
Digitalization presents the opportunity to put a single data source at the center of all subsurface operations, incorporating across technical fields to enable the best business decisions. Digital technologies have facilitated pervasive changes in business models by driving cost efficiency and providing revenue opportunities. Notably, the latest agreement will position both companies at the forefront of drilling and wells’ digital journey.
Company Profile & Price Performance
Shell is one of the primary oil majors — a group of U.S. and Europe-based big energy multinationals. The company is fully integrated, as it participates in every aspect related to energy from oil production to refining and marketing.
Shares of the company have underperformed the industry in the past six months. The stock has declined 10.9% compared with the industry’s 6.6% fall.
Image Source: Zacks Investment Research
Zacks Rank & Other Stock to Consider
Shell currently carries a Zack Rank #1 (Strong Buy).
Image: Bigstock
Shell (RDS.A) Signs Agreement for Well Business Digitalization
Royal Dutch Shell plc signed an agreement with Kongsberg Digital to work on digital solutions to improve well delivery and performance.
Over the past years, industrial tech solutions provider Kongsberg Digital created a high-level roadmap for digital transformation for oil and gas companies. The strategy is based on flexible methodologies, open ecosystems, data integration and customer-focused solutions.
Shell utilized Kongsberg’s real-time data products to support its global well portfolio for many years. The company is currently implementing a digital transformation for its well business, with a considerable need for digital solutions. The latest agreement intends to cover the entire lifecycle of the well by providing shared visibility into the companies’ plan to increase the creation of market-driven applications.
Both companies have collaborated in various fields in the past. In 2019, Shell entered an agreement with Kongsberg to develop a dynamic digital twin of the Nyhamna facility.Shell extended the digital twin work last year, covering its upstream, integrated gas and downstream manufacturing. Earlier this year, Kongsberg signed a deal to provide Shell’s JAWS software to NLNG Ship Management’s 11 LNG carriers.
Digitalization presents the opportunity to put a single data source at the center of all subsurface operations, incorporating across technical fields to enable the best business decisions. Digital technologies have facilitated pervasive changes in business models by driving cost efficiency and providing revenue opportunities. Notably, the latest agreement will position both companies at the forefront of drilling and wells’ digital journey.
Company Profile & Price Performance
Shell is one of the primary oil majors — a group of U.S. and Europe-based big energy multinationals. The company is fully integrated, as it participates in every aspect related to energy from oil production to refining and marketing.
Shares of the company have underperformed the industry in the past six months. The stock has declined 10.9% compared with the industry’s 6.6% fall.
Image Source: Zacks Investment Research
Zacks Rank & Other Stock to Consider
Shell currently carries a Zack Rank #1 (Strong Buy).
Some other top-ranked players in the energy space are MPLX LP (MPLX - Free Report) , Schlumberger Limited (SLB - Free Report) and Cimarex Energy , each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
MPLX’s earnings for 2021 are expected to rise 9.1% year over year.
Schlumberger’s earnings for 2021 are expected to grow 45.1% year over year.
Cimarex’s earnings for 2021 are expected to increase 13.2% year over year.