As the new decade begins, the gas and oil industries are looking towards the future. Shifting economic, political, and environmental concerns are having a big impact on these fields. Knowing what to expect can help much better prepare for the upcoming months. Here are some of the biggest trends to look out for in 2020.
Overall, pricing is looking very rewarding. The huge dip from 2014 seems to be in the past. The industry is beginning to recover, and there is no longer an expectation that it will decline. Though no huge spikes in pricing are expected, a slow yet positive increase is expected. Thanks to some new treaties and a lack of competition, companies are able to offer consumer-friendly rates while still making a solid profit. Natural gas is not having as favorable profits as oil lately, but it seems to be coming back slowly from the downturn.
There is a big focus on the infrastructure for the oil industry lately. Due to being in the public eye, companies are beginning to realize that their infrastructure greatly impacts people’s perception of them. The big trends seem to be underground pipelines and the production of larger processing and storage facilities. With all sorts of new technology being developed, companies are looking to install more advanced equipment in many areas.
More Career Opportunities
For those working in the oil and gas fields, the outlook is very promising. There have been a lot of business investments that are leading to new companies and more potential positions. Thanks to the economic boost, there are more opportunities for people to get involved and build a career in the industry. People can expect there to be a fair amount of competition for new hires, with many companies starting to offer competitive salaries and other incentives.
Sustainable Energy Production
The oil and gas industries realize that they need to be involved in sustainable and environmentally friendly practices if they want the public on their side. With many other energy options available, oil and gas companies are trying to distinguish themselves from their eco-friendliness. Many of the larger companies are shifting towards plans that help to reduce carbon footprints and offer cleaner energy.