With climate concerns and heated global escalations, finding alternative methods for oil production has been a prime point of discussion. With being in the midst of continual technological revolutions, it is natural to look to technology for these means of production. Continue reading to discover a few emerging oil and gas technologies that will be used more frequently in this industry.
Directional drilling has been in use since as early as the 1930s. However, advancements in technology are making horizontal drilling a more common technique. While traditional wells for oil and gas production are built vertically, horizontal drilling allows for better flexibility and precision in extracting hard-to-reach areas with oil and gas. Concerning environmental impacts, horizontal drilling has also been shown to have a reduced ecological footprint, allowing multiple wells to be drilled from one pad.
Seismic mapping has been a helpful tool for over 80 years. However, these images continue to become more precise as technology advances, aiding immensely in exploration attempts for gas and oil. The three-dimensional maps these technologies produce are essential in guiding drillers to the correct hotspots, reducing the amount of time and money spent in these explorations. As digital imagery continues to advance, so will the ability to extract oil supplies. Currently, this technology is only used by some of the world’s major oil companies. However, expanding its reach to be used by less commercialized companies will have some intriguing effects on business as a whole in this market.
It seems as if every industry is bracing itself for the introduction of artificial intelligence, which has proven to be helpful on numerous accounts. In the gas and oil production industry, artificial intelligence is just beginning to see its rise, helping to solve complex issues and give data-driven analytics helpful in exploration missions. By introducing new problem-solving techniques and production ideas to companies, artificial intelligence can significantly increase ROI when implemented.
Blockchain technology has become increasingly popular over recent years, now emerging in the oil and gas industry. Blockchain allows companies to form smart contracts that enhance security and protect confidential information. Through using this technology, oil and gas companies can also participate in sending secure invoices, finalizing payments and handling joint venture accounting. Through these methods, blockchain technology has aided in the desire for increased efficiency across the industry.