Over the years, the industry has found better ways to drill for oil. That’s very important because the world consumes approximately 97 million barrels of oil per day. Of that amount, the U.S. uses 19 million. However, since the U.S. produces 12 million barrels, it net imports. The market is roughly balanced in terms of what the world produces and uses.
Fortunately, new digital technology and methods, such as machine learning and analytics, have improved greatly in recent years, enabling energy companies to maximize production. For example, 3D seismic technology and imaging technologies have led to a higher percentage of drilling success with less risk to the environment. Where demand is increasing, good seismic information can lead to more affordable energy. Investments in new technology continue to help companies extend the life of existing fields, as well as replenish and discover new areas for exploration.
Other fascinating technologies are being developed to improve operations. Phillips 66 teamed up with Square Robot to develop an autonomous robot that can inspect the floor of a petroleum product storage tank while the product remains in the tank.
“Ensuring the integrity of our equipment is one of our top priorities and we are always looking for innovative new technologies to help us achieve this,” said Todd Denton, general manager of midstream operations for Phillips 66. “Our collaboration with Square Robot presents a unique opportunity to develop technology that will enable us to maintain our equipment and minimize disruption to our customers.”
Another great story to come out of 2017 was from Chevron, which announced a partnership with Microsoft. Chevron agreed to collaborate with the technology company to help drive efficiencies using the cloud, automation, analytics, and the Internet of Things (IoT).
“We embrace every opportunity that streamlines our workflows, gives us insights into more efficient operations and helps us compete,” said Joe Geagea, Chevron’s executive vice president of technology, projects and services. “We already have a head start in digitizing our oilfields, but we want to accelerate our deployment of new technologies that position us to increase our revenues, lower our costs, and improve the safety and reliability of our operations.”
The digital transformation initiative will allow Chevron to “optimize exploration, reservoir management, production operations, midstream logistics and marketing operations.”
Using the insights we’ve gleaned from conversations with clients and perspectives from industry executives, we have prepared a guide that describes the current state of the energy industry. Use it as a barometer to measure the impact of your own activities and initiatives. How do you compare to your peers? Are you doing the right things? Should you adjust your strategy to remain or become an industry leader?
You can download the guide here or fill out the form below.