23 Jun Oil and Gas Future: Does the Industry need a Technological Revolution?
Oil and gas are key commodities in our society, but not everyone may realize that we use oil and gas in nearly everything. Not only do these products heat our homes and run our cars, but there are many other products that require oil.
Plastics, nylon, paint, upholstery, bicycle tires, grease, tape, and tool boxes; these are just some of your every day items that contain petroleum products.
The average person who claims oil is bad for the environment doesn’t realise how dependant we are on it.
We Can Agree We Need Oil
Yes, we need oil to survive in our life. We are all dependent on cars, planes, trains, and plastics.
However, global warming is a threat to our beautiful blue ball in space, so it’s pertinent to consider how your company is affecting the level of greenhouse gas emissions.
Carbon taxes are popping up globally meaning this is no longer just a “nice thing to consider”. Financially, it is beneficial to make greener choices or offset emissions.
But This Isn’t About the Environment
This is about the oil. Currently, yes, we have enough oil to last.
What about your children? Or your children’s children?
Technology has been improving, especially with fracking, but it’s been improving slowly. There’s no sense of urgency in the industry to sink millions into R & D.
Do We Need a Technological Revolution?
It’s obvious this isn’t the perfect time to increase spending, but the company that does take the leap in developing new technology will be perfectly setup when oil bounces back.
With the amount of oil that we know exists but is currently inaccessible (looking at the Permian Basin for one), it’s hard not to justify a wave of new technology. Drilling techniques can always be improved and automation will save millions of dollars.
With the need for new ways to decrease carbon footprints, carbon capture technology will always be a necessity.
We are at a juncture where almost any step taken in the oil and gas industry will be a step forward. Someone, like you, just has to take the leap.