2018 Oil & Gas Industry Trends

Daily crude oil demand has increased just over 16% in the past 12 years, with 2018 predicted to have the highest daily crude oil consumption at 99.3 million barrels per day. Oil remains the single most important source of worldwide energy, being required for 35% of daily needs. The 2018 oil and gas market in Canada is expected to have similar results as 2017 with low prices and little capital investment. Because of this, oil companies are seeking innovative ways to reduce costs as a way to mitigate stagnant national demand.

Robotics

Although there has long been talk about the impact of artificial intelligence (AI) on the manufacturing sector, recent trends have been pointing to the use in the oil and gas industry. This aids in reducing labour requirements, the most significant cost in any industry. Robotics are expected to be used for repetitive, high-risk tasks, such as connecting drill pipes in the ocean. Not only does the use of AI in these circumstance increase efficiency through cost reduction, but enhances worker safety by removing employees from dangerous situations. This transition is expected to be slow, as currently, the only companies employing the use of robotics in the oil and gas industry are private.

Seismic Technology

Seismic waves are used to explore reservoirs of oil and gas deep under the earth’s surface and are already widely used across the industry. The technology works by radiating a wave, which bounces back and when repeated multiple times, provides a detailed image.  4D seismic technology differs in that it shows how an oil or gas reservoir will change over time. This provides key insights for executive planning purposes and reduces drilling risk. Operating costs are improved by decreasing the amount of dry holes and uncertainty currently experienced with oil sites.

Cloud Computing

By using cloud computing technology, companies are able to gain real-time access to information on the field. This is important, as information derived from data is at the core of the industry for exploration. With cloud computing, the data analysis process is enhanced and can be completed at a faster speed. Because much of the information used in the oil and gas industry is sensitive, cloud computing was initially controversial due to security concerns. The attitudes towards cloud computing have softened as companies are developing methods to enhance their security.

Wearable Technology

This is the latest technology to dominate oil and gas, as it’s linked to increased worker safety. By having employees wear monitoring devices in certain situations, companies are better equipped to track the environmental conditions where the worker is located. These insights help to prevent incidents and respond more quickly because the precise location of employees is known at all times. Wearable technology can also increase productivity by providing direct access to specialists and supporting information. British Petroleum is the industry leader in wearable technology with significant investments in the field.
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