Thursday, November 15, 2012

Oil industry smarten up

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In the current context of depleting oil reserves that threaten the major engines of growth in a global scale, oil producers turn to one single, most powerful innovation of the modern century—high technology.

Amidst the rising cost of oil and greater issues and challenges in oil production, technology is advertently leveraging innovative solutions in oil and gas exploration and operations. While consumers are slowly adapting to change, major players are starting to focus on the digital age of the oil and gas industry. Using new inventions such as intelligent field technology and nanotechnology, the global oil production found ways to escape the high-stake issues on oil drilling operations. Through geospatial solutions which enable real-time data processing, oil producers can explore previously untapped sources of oil. Fueled by the success of technology-backed operations, oil companies are now starting to funnel their capital and other assets in technology investments. In recent years, the emergence of the digital oil field has caused the major optimization of oil drilling operational processes. Today, it continues to help oil producers cut costs while benefitting from the huge profits of production.

Ali Ghalambor image credit:

Despite the growing fear on total oil depletion, the lucrative oil production enterprise is currently on the rise and has no sign of abatement. To say the least, the entry of cutting-edge technology in the oil and gas industry is indeed revolutionary. Moreover, it is a future rushed to act for a world that can’t run without oil.

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