– Technology and Our Post-Oil Future –
One of the great mega-trends of our era is the phenomenon of globalization and deepening interconnectedness. In this article, we have done a review of technology and Our Post-Oil Future.
The Future of Oil and Gas
As oil prices tentatively recover from the 2014 crash and investments in alternative renewable energy sources gain momentum, oil and gas companies need to innovate to stay competitive and keep the fuel flowing.
Offshore Technology asks industry experts for their insight into how technological advancements will shape the future of oil and gas.
Smart Drilling
Nowadays, it seems like more and more companies want to become the Carl Lewis or Usain Bolt of drilling. Get out the blocks fast; hit every stride sweetly and cross the finish line to first oil in record time.
As any elite runner will tell you, the equipment alone doesn’t win you the race. Equally, if not more important, is developing a race plan. Road-testing that plan, and developing the intelligence to know exactly when, where and how to hit the gas.
So with the future of the oil and gas industry, ‘smart drilling’ will be key and require a combination of technology and thinking that reimagines how firms manage and execute a more harmonized approach to early well life.
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As Drilling Projects Grow In Ambition, Smarter Equals Faster
The key is ensuring that design, analysis, equipment selection and implementation are all aligned and buttressed by operational expertise. Where companies lack the expertise or resource, initiation specialists will fill the void.
As drilling projects grow in ambition, smarter equals faster. By combining integration and intelligence through specialist providers in the initiation phase with best-in-class technology, ‘smart drilling’ promises to give projects the solid footing needed to keep the industry running for decades to come.
Technology and Our Post-Oil Future: Incorporating Block Chain
One technology set to transform the oil and gas sector is blockchain. In fact, the blockchain revolution is starting here and now.
The proper task for the oil and gas sector is how quickly it can move to take advantage of the many opportunities that blockchain will bring.
For oil and gas businesses, data has gone from an asset to a burden. Companies are drowning in data and urgently need to control and authenticate information.
Blockchain has enormous potential to reduce the risk of fraud, error, and invalid transactions in energy trading, make financial transactions more efficient, facilitate regulatory reporting requirements, and enable interoperability.
More Details
Blockchain will have enormous benefits both upstream and downstream. From scheduling equipment maintenance to managing exploration acreage records, blockchain offers a single, unalterable record of transactions and documentation between many parties.
Distributed ledgers also create more efficient and transparent downstream activities, such as exchanging products, secondary distribution delivery documentation, demurrage, and claims management.
Midstream, it will revolutionize joint ventures, risk management, contracting, and regulatory compliance.
The possibilities of blockchain in oil and gas have few limits—and we’re yet to see more than a glimpse of its full capabilities.
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Digital Transformation Offshore
The oil and gas industry is ‘always-on’ and has long been defined by the legacy systems that help it to function.
However, as digitalization continues to transform this sector, organizations are looking for common technologies that can help them balance requirements for uptime, security, and safety with the need to take advantage of digital innovation.
Digital transformation does not require a ‘rip and replace’ approach. Instead, organizations should view this as an opportunity to improve the functional capabilities of their facility and move to a new software environment, which extends the life of the traditional legacy systems.
No one can deny that digital technologies are the future. Looking ahead, we can expect to see many companies turn to open standards to help them improve operational efficiency and grapple with digital complexity.
Organizations within the oil and gas sector are working harmoniously with their peers to create open systems that will ensure they can do digital transformation initiatives at a low cost and with very little disruption.
When there is a safe path to digital for these companies, it will unlock significant cost savings and efficiency for the wider process automation industry.
Technology and Our Post-Oil Future: Smart Oilfield Technology
All oil and gas operators, wherever they are located, would like to focus more of their budgets and efforts on improving productivity whilst at the same time monitoring their local and remote assets dynamically.
This is only possible via the deployment of a truly ‘smart oilfield’ technology, able to provide all critical data in real-time with no downtime.
From a technology standpoint, the ideal solution would need to seamlessly connect all systems and hardware platforms across the various fields of operation, integrating exploration, drilling and production facilities, and ultimately delivering useful data and video streams to a central location, allowing the operators to make better and quicker decisions.
We relate the challenge faced by the oil and gas industry to the fact that contractors and assets move from one location to another on a daily or weekly basis.
We directly linked additional challenges to environmental conditions such as extreme temperatures and frequent sandstorms.
Providing uninterrupted service without the involvement of on-site technicians after the move of a rig or drilling platform, for example, is only achievable through the adoption of high-capacity wireless platforms, such as Infinite’s, which can auto-align and mitigate these challenges.
The key factors that will drive the further adoption of wireless technologies in this industry sector will be the increasing demand for smarter sensors/devices in the field, as well as the desire for managers to stay continuously connected with their valuable assets.
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Technology and Our Post-Oil Future: Blurring the lines between fossil and renewable
Liquid fuels are still difficult to replace and while it will reduce their reliance as they get supplemented by biofuel and electrical energy sources, it will be a number of decades before they are phased out completely.
The prices of oil and gas will be perpetually lower for the foreseeable future as fracking will gradually open up more sources of cheap production, while demand slowly falls with the adoption of more renewable.
Better renewable energy technology and sources will eventually replace the use of oil as a combustible fuel but this will free it and other sources such as coal to be used to produce more sophisticated carbon products, hydrocarbons and polymers making it a feedstock rather than a fuel.
Finally, the ability to chemically synthesize oil and gas from more types of natural materials will blur the line between renewable and fossil fuels to the extent that it becomes a forgotten issue.
The ability to synthesize these products will mean that we can readily replace even fossil fuels so the market will drive the source again.
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StudentsandScholarship Team.
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