Oil and gas (O&G) technology is a field often ignored in many technological publications.
The majority of tech publications have been focusing on areas such as healthcare and communication.
While much of the attention in the O&G industry has been focused on price fluctuations and the impact on national and world economies, organizations across all sectors are advocating for environmentally friendly energy projects.
This could put the O&G sector at risk if it fails to adapt to the new trends. In this article, I focus on 5 trends and technologies in the O&G industry that you should care about.
- Capacity to operate in remote environments
In the past, O&G exploration activities used to be based only in areas that were accessible.
However, the trend has currently changed with an increased number of companies venturing to previously inaccessible areas.
This trend has been enabled through the application of innovative methods such as offshore vessels and drilling rigs. These structures come equipped with modern telemedicine facilities which help to ensure an employees’ well-being in cases of emergencies in such remote places.
- Increasing accessibility of inaccessible fields
Innovative methods of O&G extraction have been on the increase in recent years. For instance, BP has successfully used rock fracturing technology to increase extractions from 40% to 60%. This method is effective in accessing oil trapped in rocks which previously was inaccessible.
- Capitalizing on fuel efficiency
Oil is extracted in the form of crude oil, which is a high-density hydrocarbon. As such, the product has high potential to pollute the environment. However, new technologies can be used to replace such oil with natural gas for use in the manufacturing systems. Through the use of innovations such as fracking technology, fossil fuel can be converted to natural gas which is less harmful to the environment. Other technologies are advocating for the replacement of petroleum with energy generated from garbage.
- Digitizing oil fields
Digitizing oil fields has been a concept perceived as an impossibility in the O&G sector. Recently, major organizations have gone digital which has enabled effective information management and sharing. If the O&G industry wants to remain competitive, then it must consider going digital to enhance data tracking, measurement, and management. Digitizing oil fields will enable the O&G industry to detect and identify mechanical hitches the in production systems. Moreover, digitizing oil fields will provide companies the ability to collect and store data in the cloud for further analysis. This data can ultimately be leveraged in real time by operational centers looking to minimize downtime and optimize production. There are numerous technology vendors consulting with the industry towards this end, such as SAS, Cisco, Microsoft, and IBM to name a few. By having oil fields digitized, O&G companies will have an increased capacity to compare data from different product vendors.
- Reduction in hydrocarbon pollution
With the increased climate change concerns globally, all organizations are under pressure to comply with hydrocarbon minimization. O&G companies can achieve this by focusing on the production of fuels with less hydrocarbon-based fuels. Also, the O&G industry can minimize pollution by minimizing water pollution related to the extraction of these natural resources.
AJen is part of the content and community team at Specialty Fuel Services – providers of emergency fuel continuation services, in locations affected by catastrophic events.