- What you need to know...
- 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.