Never before has technology advanced at a faster speed than today. Technology has vastly improved all aspects of human life from everyday activities to the manufacturing industry. The oil and gas industry is no exception as new technologies are improving the way these rare resources are produced and delivered to users. Here are some of the biggest advancements in technology that are shaping the oil and gas industry.
Extracting resources out of the ground is hard work. It involves the use of heavy machinery and intensive human labor to get oil out of the earth. Naturally, this kind of work is not without risk. Accidents used to be common in the oil industry but thanks to new technology the overall work conditions and safety of workers have drastically improved. Automation has led to machines taking over the most dangerous tasks leaving engineers with the task of monitoring and controlling the processes.
Humans are no longer required to be physically present during drilling operations but can instead monitor the process from a safe distance. Sophisticated machines are able to measure even the slightest changes in direction and people operating the controls can remotely adjust and make appropriate changes if needed. Automated drones have also made exploring much safe. Humans are no longer required to explore the unknown and put themselves in potential danger but can instead send robots to check out drill sites and other potentially dangerous places.
The oil and gas industry relies on countless machines and equipment that work together to extract, refine and transport the products. Constructing and using those machines is not an easy task and involves careful logistical planning. Sometimes machines need to be repaired and expendable equipment needs to be constantly resupplied. Sometimes this equipment needs to be transported over water to distant oilfields which makes the whole process even more complicated. Because of that a lot of professionals are implementing ecommerce solutions to make buying equipment easier and cheaper. Purchasing reliable oilfield equipment online is incredibly simple and fast, making it far less time consuming than traditional methods of shopping.
Faster data management
The amount of data required to maintain oil and gas operations is huge and growing exponentially. Managing so much information does not only require faster machines but it also requires systems that make data accessible by many different departments that are often times located globally in completely different areas. All this is made possible by cloud computing. Data doesn't have to be stored on hard drives and transported physically but can instead be stored online and made easily accessible from any location with internet access. This has significantly reduced operating costs and made data analytics faster and more reliable. Executive orders can be made quicker and more confidently because all the required information is easily accessible. Online storage also makes information safer. All the data is backed up and secure as multiple copies are spread out between servers. This makes it practically impossible to lose information due to technical problems or machine malfunctions.
AI and machine learning
Today's sophisticated machines don't only possess the ability to perform precisely programmed operations but also have the ability to learn and improve based on the feedback they get. Machine learning uses advanced algorithms to gather experience and predict future problems and solutions within a very precise margin. If enough data is collected, an AI can predict customer behavior and offer advice based on their preferences. This kind of machine learning produces especially useful results when it comes to huge markets like the global oil and gas industry where a lot of factors determine the conditions under which these products are bought and sold. Overall the use of AI increases efficiency, lowers costs, and can increase production capacity by up to 20%.
Digital reality has completely changed the way we experience the world around us. This technology has been in development for quite a while now but in recent years it's becoming more commercially available as the competition rises and the prices are going down. As this technology is being adopted by the oil and gas industry, it's essentially being put to use as a real-time, sensor-based tracking system for assets. Warehouses are able to reduce operating costs by introducing augmented reality packaging which guides employees using graphics displays. These processes speed up warehouse deliveries and reduce errors. Such organizational processes usually take time to set up and optimize, but modern machines can organize and delegate a large number of employees within seconds.
The oil and gas industry is huge and constantly growing. It involves many complex global transactions and regularly presents new logistical challenges. Such a huge system would be impossible to manage without the use of modern technology. As the demand for these resources rise, professionals are coming up with better ways of extracting and transporting them to customers around the world.