Hi Patrick,
Recently participated in a similar Convetit assignment in October, 2016. Here are the top 3 trends that were identified by our panel of experts. They are listed in the order of their Impact vs. Probability ranking from highest to lowest. Other lower ranking trends were (in order) Wearables, IT Analytics, Robotics & Operational Technology on Machines.
Fog Comuting:
Cisco put out an excellent white paper on extending the cloud to where things already are. If you can't find it email me and I'll send it to you. Basically every oil & gas facility, whether upstream (production), midstream (piperlines & terminals, or downstream (reineries & gas plants) has many sensors and instuments that become much more useful to their owners if they can "talk" to each other and pass information to commumications devices that can get the info where it needs to go. Some early uses were in connecting fire, gas and security devices without having to run communications cables all oveer the place. The "fog" is the commumication links between multiple devices that are each connected to their own cloud.
Cloud-Based Platforms:
Again, the mechanism is to allow the communications and control to exist in the cloud to enhance robustness (if one part of a system fails, other parts will report the failure and compensate for it). There is a downside in being connected to the internet however. Most current IoT devices have abismal security, and can be easily hacked and turned into Bot Nets for Hackers. This is the single largest challenge for Iot right now in any business.
Artificial Intelligence:
This emerging technology will have a great impact on enhancing usefulness of IoT devices, hardening them against hacking, and driving down both CAPEX and OPEX. Perhaps one of the more immediate areas is in the area of self-guided vehicles, where relatively simple control algorithms can run the immediate operation, but still report back to real operators when emergencies arrise.

1.As of now, oil producing companies install Remote Terminal Unit to collect production data with time stamping from oil platforms, through radio link.CAPEX and OPEX are very high and quite a considerable number of production platforms are required for breakeven. IoT can be adopted by small time producers also, as it uses cloud for stroing data.
2.Rawdata from sensors can be collected through cloud parallely and network latency can be least

IoT is both an opportunity and a danger. An opportunity in that it supports greater possible integration of diverse data and a danger in that that data is potentially available to people who should not have it.
Previously much of this data was hidden in silos on remote sites - now it is potentially being transmitted via publicly accessible networks set up by staff who may not have deep experience with data security (as previously if it was available it was carried by hand to the head office on laptops, hard disks or memory sticks from site. Cheap internet connected dataloggers are changing that.
Where previously data was transmitted over leased lines in DNP3 format (if at all) now it is wrapped in TCP/IP on hardware designed and built cheaply and with minimal security configured.