4 Trends Changing the Future of the Oilfield
The oil industry hit rock bottom in 2014, causing prices to plummet and renewable energy to rise from the ashes like a phoenix. The crash seemed to shock the oil and gas industry, forcing companies to slash jobs, innovate and get competitive to stay ahead.
As a result, new trends are developing by the day, and we’re seeing an influx of technologies that are being integrated to improve all areas of the industry.
1. Smart Drilling
Do you believe that the quicker you drill, the quicker you’ll get over the finish line? What happens if you simply can’t keep up with the demand? Would your company start to lag behind or, worse, go bust?
Having the equipment to drill at record-speed isn’t enough to win in the oil industry today. In fact, it’s arguably more important to develop a strategic plan to discover when, how, and where it’s best to drill.
Say hello to ‘smart drilling’.
This new-fangled process combines technology and quick-thinking to help oil companies drill smarter not harder. Companies that fail to integrate this new method will essentially lose out to innovation specialists who will swoop in to fill the void.
We usually hear the term Blockchain in relation to the internet, but that doesn’t mean the oil and gas industry can’t and won’t benefit from it. In fact, companies are practically drowning in data with no way of incorporating it into their processes, which is where Blockchain can come in and save the day.
Not only does it have the potential to reduce fraud, operation errors, and invalid transactions, but we’ll also see it being used for scheduling equipment maintenance and managing records.
3. Uniting Renewable and Fossil
Despite the surge in renewable energy sources, oil companies still have a strong market for liquid fuels, and it’s likely to be a few decades more until renewable energy comprises the majority of the demand.
That being said, we can count on seeing the price of fossil fuels get lower in the long term as fracking opens up more sources of cheap production and demand drops in favor of renewable sources. For now, we’re still in the early crossover phase.
4. Smarter Technology
There are many pies that oil and gas operators want - and need - to have their fingers in. They want to get tighter with budgets, improve productivity levels, and ideally monitor their remote assets in a dynamic, efficient way.
To do this, they’ll need access to what’s being dubbed ‘smart oilfield’ technology that can provide all the necessary data in real-time without a hitch. Aggreko’s Remote Monitoring team does exactly this, helping companies detect discrepancies in processes and operations before they cause any harm to systems and productivity.
Since 2014, the oil and gas industry has undergone huge changes and that isn’t going to stop anytime soon. As the emergence of advanced technologies starts to seep into processes, we’ll see more efficient drilling strategies and an influx of remote monitoring and real-time data tracking via SCADA systems.