Understand the major trends in the global oil and gas extracting technology technology
For more then a century, oil and gas and coal have been the world’s biggest energy sources. Their production is fundamental to human wellbeing as well as enabling technological and socioeconomic progress.
Development of technologies for hydrocarbon extraction from shale formations has created a revolution in the global oil and gas industry.
Enhanced oil recovery (EOR) is proving to be an important tool for oil and gas producers in maintaining the production levels and increasing the returns on older investments.
Oil and gas companies have placed greater focus on improving efficiency in operations ever since the oil price decline in 2014.
The implementation of IoT on a wider scale is becoming central to the survival and growth prospects of oil and gas companies.
The demand for natural gas has increased worldwide, at a rate of 2.3% from 2006-2016, while crude oil consumption grew at 1.1% during the same timeframe.
The impact of extraction technology
Globally, oil and natural gas consumption is increasing, growing over the past decade at a rate of 1.1% for oil and 2.3% for natural gas. This is driven by the ever growing demand from power generation, transportation and industrial sectors.
Leading exploration and production (E&P) companies are looking to increase their upstream activities to meet this growing demand for influencing their vast knowledge and expertise.