Innovation and development in the oil and gas field is vital nowadays. For the industry to continue to serve its purpose and to continue to be profitable, various technologies are needed to bring some very huge changes that provide advantages to both the industry and the people in the world.
Oil prices are almost half of what it was a year ago. This is welcome news for the consumers, but not for those who are in the oil and gas industry. That is why it is all the more important for the oil and gas field to adapt to the technological developments to optimize costs and increase profitability. Innovation is drawing on a wide array of technologies, instead of just a single breakthrough.
Different technologies look set to have a huge impact in the years to come relating to extending the life of existing assets, such as enhanced oil and gas recovery. Technological developments and innovation bring some very huge chances, particularly in areas of how Big Data impact practices in the field. Then there is the highly technical paper presented a yearly shale conference on the use of new 3D seismic technology for optimizing drilling and exploration practices. In a fight to survive, investors have processed the future prospect of the oil and gas market and started to reposition their investments. The sector has initiated a renewed interest in enhancing technology to boost operational efficiency as well as cultivate new value improving production methods.
Embracing technological developments and innovation is vital for improving the longevity of offshore and land wells and evolution within the field has paved the way for the implementation of new applications, operational systems, and machinery. Check out some innovations and technological developments in the field.
REFRACKING – Some oil and gas companies are looking to refracking, using the current fracking methods to get more out of wells that originally were fracked using less advanced methods. However, this is still an experimental approach, and businesses are not making public the results. But they see enough to keep trying. They continue evaluating the technology, using finger sand grains and experimenting with various ways of sealing off old pathways to enable new ones to be made for oil and for natural gas to flow. Using the more recent technology and finer sand and more diversion, more capable diversion techniques are being explored right now.
SOFTWARE AND MICROBES – Engineers rely more than ever on sensors and software for new wells to exactly determine the right place to use various amounts of water, sand, and chemicals for maximizing the amount of oil a well would produce. Recently, oil and gas firms have started to double or triple the amount of sand used to hold fissures that enable oil to flow through dense rock, which often has resulted in a much higher production, but higher costs too. The new technology could help firms determine the right balance between cost and production. One company tests a process which aims to boost output through the use of tiny organisms that are already present in conventional oil fields flooded with water, a common method used to aid oil flow. The process works through stimulating microbes with a special nutrient mix. The organisms as they feed, attach themselves to bits of oil, importantly breaking it up, which makes it easier for the crude to flow through the rock. Early tests reveal that the technology could extend the life of a well for several years and improve the amount of recoverable oil by thirty-three percent from initial estimates on average.
WIRELESS COMMUNICATION TECHNOLOGY – Until recently, the industry has been unable to monitor and collect data of down-hole environments in real-time, mainly due to the fact that current wired and other methods of communications were costly and unreliable. The new technology allows inexpensive and efficient retrieval of real-time data as well as monitoring of well pressure, temperature and fluid levels. With the introduction of this affordable technology, the whole oil and gas field could be modeled and managed as a single integrated field. Moreover, it also allows each well to be separately managed.
Information Technology enables the industry to acquire more oil or as out of every deposit, it finds. Latest technologies, like oil well analysis software, stimulation technologies, treatment fluids and enhanced recovery methods allow gas or oil to move more easily to produce wells. From its earlier days, innovation in technology has been the hallmark of the industry. Petroleum geologists and engineers constantly are challenged to learn more about where gas and oil are found, how to efficiently get gas or oil out of the ground, how to get rocks to give up the hydrocarbons that they contain. By learning what others have successfully done, or even have attempted and failed, engineers are empowered to make the next technological breakthrough that would continue to improve the ability of the industry to produce gas and oil that the world needs.