Emerson is the foundational sponsor of IHS CERAWeek. Insights from Emerson panels appear below. For more information, visit ceraweek.com.

At CERAWeek 2016, a panel of experts steeped in the upstream oil business shared their ideas for improving efficiency of existing facilities, well pads and offshore platforms. The panel was chaired by IHS’s Paul Markwell and included Emerson’s David Tredinnick, Schlumberger’s Ashok Belani, Santos’ Steven Benn and BP’s Ahmed Hashmi.

Tredinnick opened the panel by reminding attendees that the notion of “Peak Oil” was prevalent several years ago—an idea that seems quaint amid the current supply and demand imbalance and low prices.

As shale oil production advanced in the U.S. over recent years, project execution changed to accommodate newer technologies, such as wireless instrumentation, to improve project schedules. The innovation of integrated operations command centers, which provide remote access to production sites and experts, has helped optimize production and identify problems before they lead to unplanned downtime.

The industry overall is investing more in iOps to provide an opportunity for experts to analyze these analytics to provide guidance on plans to address the situation.

Tredinnick and fellow panelists welcome the advancements of the digital oil field. As the industry undergoes transformation, it’s clear that the focus to improve efficiency rather than “hunker down” can be an effective path to navigate through these low oil price environments.