Business Telegraph

The Entrepreneurs

Major Ways in Which Technology is Changing the Oil and Gas Industry

  • Written by Diana Smith


Digitalization and technological innovation are transforming virtually every industry that they come in contact with. The oil and gas industry is not an exception to this rule. With the improvements to technology (both software and hardware), the efficiency of the entire industry is increased. This happens both directly and indirectly in more than one way. All in all, here are several major ways in which technology is changing the oil and gas industry for the better.

1.The overhead costs of the industry

The oil and gas industry requires a lot of precision when it comes to measurements, data harvesting, sensors and internet connections. The thing is that a lot of companies are spending fortunes in order to be ahead in every single one of these fields. However, what if it were possible to pay less and get more (or, at the very least, the same)? With the help of new technology, you can reduce the cost of data processing by a factor of 60, while reducing the cost of sensors by 50 percent. The biggest difference comes in the cost of data which can be improved by a factor of 1,000. All in all, the savings are massive.

2.Equipment vendors and IoT

Machine learning is one of the most reliable ways to improve the manufacturing of equipment. Why? Well, because it makes harvesting data a lot easier, which means that this system is much more effective at discovering flaws. So, why is this so important for vendors? Other than a brief review or formal feedback, vendors often have no idea how their equipment is being used once it has left their possession. While some may not see this as that big of a deal, the truth is that this knowledge can help them improve the design phase of the next generation of products. This can improve the industry as a whole.

3.Global availability of equipment

The age of the internet has introduced so many changes to the oil and gas industry. Namely, the transparency of technological advancements in the field of oil and gas extracting equipment is one of them. It’s easier than ever for an executive of an oil company to find proper oilfield equipment as a replacement for the equipment that malfunctioned. With the use of various tools, they can measure the performance of one set of equipment against another. The online community, review system and the chance to contact other buyers is another major hit.

4.3D printing and sensor technology

Another issue worth discussing is the introduction of sensor technology and 3D printing into the mix. The thing is that 3D printing, particularly with the wide range of filaments can be used for various purposes in this industry. First of all, it can create a ton of low-cost models for training purposes. This way, the potential cost of the training process is reduced, while its efficiency increases. Other than this, with the help of some outstanding new materials and precise 3D printing technology, you can replace some of the traditional tools and parts. This is particularly useful in remote areas where the delivery of these parts would be a particularly complex matter.

5.Digital transformation

While on the topic of technology in the industry, it’s important to mention that digital transformation introduces some major upgrades and upsets to the field. For starters, you need to think about performance forecasting, which is really the thing that keeps the entire project together. Accurately predicting the drilling process, as well as being able to predict the maintenance are just some of the things that can easily put one drilling company ahead of its competitors. This kind of enhanced asset security is also something that can attract a lot of investors.

6.Higher safety and security

Previously, we’ve talked about the maintenance of the equipment as a means of protecting company assets, however, it goes further than this. First of all, safety when it comes to equipment also ensures the safety of the crew operating and inspecting it. Other than this, Wi-Fi and location-based technologies can ensure that there’s a response team every time there is an incident. A timely response is often the best way to avert a full-blown disaster.

Other than the aforementioned, it’s important to note that there are some hidden perks of the improvements to the oil and gas industry as well. First of all, more efficient drilling causes less pollution, which may not sound like much but can definitely make a difference. Other than this, greater efficiency benefits the global economy and strengthens the global market. In these uncertain times, this is a major boost indeed.

Entrepreneurs & Leaders

The evolution of gambling - from scratch tickets to online play

If there is something incredible about the evolution of the world, is how incredible the gambling industry has chang...

The Most Profitable Sports To Bet On

You have ever asked yourself what the most profitable sport to bet on is? Well, this is a good question, but it doesn't ...

Top 4 Modern Water Conservation Methods in the Time of Climate Change

Water is probably the second most important thing that all living creatures need to survive (after oxygen or air), a...

Must See Places When Travelling to Dublin

Dublin is the capital of the Irish Republic of Ireland and one of the best places to visit to experience the rich cu...

Brand Design Trend 2021

Many businesses are built and become successful almost at the same time. These overnight success stories are what ev...

About Glenmorangie 12 YO Malaga Cask

If there were a group of friends and they were at a restaurant and it was their first time there and they had no ide...

WordPress Site Design Tips for Small Businesses

Are you using WordPress to build your company's website? Do you have your site hosted and ready to design? If so, then...

Best Electric Scooters for 8 to 12-Year-Olds

So your child wants you to buy him an electric scooter but you are not sure which model to pick. Unlike before, buyi...

Are Casual Employees Entitled to Workers Compensation?

If you have been working as a casual employee in Australia, you understand that your benefits may not be the same as...

When Should You Service Your Air Conditioner?

There is no better way to prepare for the summer months than to make sure your air conditioning system is in tip-top...

How NDIS Can Help Participants In Finding A Job

While disabilities may cause challenges to an affected person, this does not mean that a special needs individual ca...

Your Shelter From The Conflict Storm: The Best Books On Conflict Management For Any Situation

Conflicts await you everywhere – from the workplace to your home to a queue at the supermarket. They all are unple...

Hiring a Reputable Plumbing Company

Having constant clean water supply and regularly cleaned drainages requires a plumbing system in good working condit...

Top 5 Secrets to Getting the Best Property Deals

Most people save for years before they can afford to purchase land or a home. Nonetheless, real estate is lucrative...

5 Brilliant Ideas for Investing Cash in Real Estate Market in 2021

Simply stated, the key goal to invest in the real estate market is to put cash to work today and make it grow so as ...

Advantages Of Solar Panels

When taking care of a home and the property that it's on, people are constantly thinking of ways to improve it. Si...

Effective tips to choose the right incontinence pants

Pull-up pants can suit individuals who have light to heavy incontinence but can be harder to wear in comparison to men’s...

Launching a Multilingual Startup: How to Do It Right

Launching a startup carries many inherent risks. But you can mitigate those risks by learning how to do it right t...

Places for holiday inspiration, plans and where to go

Who on earth wants to lug around a heavy, thick travel guide? Probably not you. Information in an easy to read mobile ...

Playing Online Pokies has Perks

There are many perks and advantages when it comes to playing online pokies, or slots outside of Australia and New Ze...

Implementing workflow automation in a business

Workflow automation identifies the tasks performed by employees using document automation tools and apps. It can b...

6 Steps for Becoming a Digital Nomad in 2021

Digital nomads have always been perceived as sort of freelance rock-stars. Having the world as your office, being ...

Fears That Won’t Let You Build a Good Relationship

There could be a few reasons why you are still single. Someone would say it’s the matter of appearance, others wou...

5 Benefits of Hiring First Page Agency For SEO Services

Search engine optimization is an effective digital marketing strategy that focuses on your website's ranking. Most...

Writers Wanted


News Co Media

Content & Technology Connecting Global Audiences

More Information - Less Opinion