Oil & Gas Technology Report

Extraction Technology - Thematic Research

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.

Extraction Tech
  • 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.

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