Huge changes are underway in oil and gas. The industry is starting to adopt a new wave of innovations in digital technologies which can help boost output and cut costs.
A new report suggests technological advances in the exploration and production sector could save seventy five billion dollars a year by 2023. Oil companies have for decades using powerful computers to analyze seismic data so they can target wells more precisely.
In oil bearing rocks, that technology is continuing to advance. Today only about one in three exploration wells finds useable volumes of oil or gas. But, increasingly sophisticated models of the rocks and fluids below ground level or under the seabed can raise that hit rate of successful wells to one in two, unless say the spread of intelligent and connected devices has allowed automation to make operations safer, more efficient and cheaper.
Norway’s equina for example has estimated that automation will enable it to drill wells, 15 to 20 percent faster by 2020. The oil industry generates large volumes of data. Till recently much of that data went unused, but the rise of cloud computing services is making it possible to store and analyze these huge amounts of data at a relatively low cost.
The cost of census for collecting more data is also falling off. Their sophistication is rising the expansion of Chevron’s 10 G’s oil field in Kazakhstan which is scheduled to start production in 2022, will include about 1 million sensors advanced reservoir models will also allow production to be optimized to squeeze more crude out of the fields at a lower cost.
A 1% increase in output from every conventional oil and gas field worldwide would add about 1.30 million barrels of oil equivalent per day to the market. That’s about the same as the total output from Libya.
Third in Greece, production made possible by these innovations will put downward pressure on oil prices adopting the new digital technologies will help oil and gas fight back against the growing threat they face from renewable energy; from battery storage and from truck vehicles
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