How Technology Is Changing The Gas And Oil Industry

How Technology Is Changing The Gas And Oil Industry

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. Enhancing safety 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. Enhancing efficiency 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...
How Has The Oil And Gas Industry Started So Far This Year?

How Has The Oil And Gas Industry Started So Far This Year?

The oil and gas industry can go from being consistent in being sporadic in an instant. Prices of crude oil can plummet or skyrocket overnight because so many countries have involvement in the industry. One country’s actions could have effects on the entire world. 2019 is off to a good start for most oil companies. For example, BP posted large profits for the fourth quarter of 2018; their 2018 replacement cost profit was $12.7 billion for the entirety of 2018. Bob Dudley, chief executive of BP, said: “This is a really good quarter, and, actually, the end of a great year for us.” He explained to CNBC that his company had doubled earnings and returns from 2017. As a result of his announcement, BP shares rose by 3% earlier in February. BP’s 2018 fourth-quarter was a 65 percent increase from 2017’s fourth quarter. This can partially be attributed to the acquisition of BHP’s U.S. shale properties and assets. Dudley is predicting an excellent 2019 for the oil and gas industry. He explained to CNBC that he expects oil prices to remain between $50 and $65 this year. The price of crude oil isn’t the only thing that determines a successful year for the oil industry though. The sudden drop in oil prices in December already has many companies rewriting their 2019 projections, but there are other things they must consider as well. There is currently a pipeline capacity bottleneck in the Permian Basin. However, some experts believe that this issue will be resolved by the end of the year. Despite this, profits are expected to break records within the...
What Are The Different Gas And Oil Industries?

What Are The Different Gas And Oil Industries?

The oil and gas industry are coming into more focus as a result of recent changes, and it does not show a major sign of evening out soon. The gas and oil industry is broken up into three components, with each component counting for a major source of energy that helps to fuel the world that we live in today. The three components include the upstream industry, the midstream industry, and the downstream industry. While many know about the gas and oil industries, they may not understand how each component is used for fuel. With that in mind, let’s examine what the three components of the gas and oil industry. Upstream Industry To begin, the upstream industry is the component that searches for crude oil and natural gas through underground or underwater fields. Essentially, it is the component that uses different approaches to find the necessary oil and gas. Because of how unpredictable the wells that are used to retrieve the oil and gas, this component is considered to be the most difficult, and overall dangerous approach. However, it continues to be in high demand in today’s economy. Midstream Industry Once the oils and recovered from its respective location, the midstream industry helps to store and distribute the items. Some of the processed items include crude oil, natural gas, and sulfur. In general, the midstream industry is considered to be fairly safe, as they work to store the gas and oil until it is transported to locations that will determine where it will be distributed and utilized. Downstream Industry The downstream industry represents the final processing of the products,...
Top 3 Leading Companies of the Oil & Gas Industry

Top 3 Leading Companies of the Oil & Gas Industry

In 2016, Forbes brought together a list of the top leading companies of the oil and gas industry. Today, we will explore the top 3 biggest in the world. We will explore the details and differences of these companies, but it’s very clear why they are the top 3. 1. Gazprom Gazprom’s main trade is in natural gas and other energy resources. Holding the world’s largest natural gas reserve, Gazprom is also the largest importer of natural gas to the European market. This booming company in the industry strives to transport natural gas and other energy resources to their customers. Gazprom also has a high involvement in Russia, selling more than half of their gas to Russian consumers. This company is the only producer of Liquefied Natural Gas in Russia. Gazprom’s CEO Alexey Miller is an extremely powerful influencer in the world, and accounts for nearly 13% of world production. 2. Rozneft In terms of oil and gas production, Rozneft is the leading producer of petroleum in Russia, although they are a global company. As the deliverer of over 40% of oil to Russia, Rozneft has climbed the uphill battles of the economy and crises over the past. Being aware of the environmental ethics to the oil industry, Rozneft has a sustainable development policy which the company adheres to. Among that policy is the objective to regulate and unify activities pertaining to sustainability. The company will report its first quarter of 2017 financial results, Friday, May 5. 3. Exxon Mobil Depending on where you’re located, you may be more familiar with Exxon Mobil. With gas stations in 47 states...