Technology is already infiltrating different industries and making a huge impact. Advances in technology that supports the industry are geared towards solving some of the biggest challenges in the oil and gas industry. From the need to enhance safety to preventing catastrophic disasters and unwanted effects, technology in the oil and gas industry has substantially revolutionized oil mining and distribution.
One cannot talk about the oil and gas industry without reviewing the safety issues that the industry faces. From the harsh reality of the loss of lives as a result of accidents to the inherent risk of making substantial losses in the valuable assets, the risk is all over.
Various technological solutions have been developed, targeting enhancing the safety of oil and gas mining crew. Oil mining crew can, for instance, inspect the condition of oil wells at the click of a button and thereafter take the necessary corrective measure to enhance safety. Industry players also get a chance to guarantee the oil transmission process by inspecting pipes for leakages.
Oil mining and exploration technology also enable stakeholders in the entire industry to achieve high levels of precision when it comes to the mining process. Oil exploration companies, for instance, can use the latest equipment and technology to precisely map the quantity and feasibility of a given oil deposit. This increases the chances of return on investment since the mining companies can only invest after establishing sufficient feasibility.
Data and communication
The entire oil industry is currently digitized, with data being a key parameter that advises oil mining companies and other stakeholders on the strategic direction to take. Oil exploration engineers only need to digitally a prospected oil field and transmit the data, through blockchain technology, for processing. The enhanced data handling practices ensures that engineers can visually inspect and understand the dynamics of oil formations beneath the earth’s surface. This digital mapping enables mining companies to enhance the sustainability of oil fields.
Technology has also come in on board in the oil industry by enabling process automation. Machines that are artificially intelligent through machine learning can make autonomous decisions in the oil mining process, thereby reducing the need to hire excessive staff. This has transformed the entire oil mining industry into a cost-effective affair with high ROI.
About The Author
Anatoly Vanetik is a Venture Capitalist, Oil and Gas Expert, and Businessman in Orange County, California. He is the President and Chairman of the Board of Directors at Vanetik and Associates, a popular venture and consulting firm in the resource industry that Anatoly began. He brings many years of professional experience in the engineering and energy industries. Outside of his career, Anatoly Vanetik is passionate about animal welfare and art history, and maintains monthly blogs about each one.