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The global oil business is drilling its way to a great year ahead. Despite the usual setbacks, a boosted crude oil production is redefining a new era of growth for the petroleum sector. For the most part, thanks to the technological explosion, previously untapped oil reserves will be extracted with more juice.
Yes, juice. Sometimes a fruit just needs a little more squeezing for more glass serving. That’s why blenders come in handy. In the oil industry, technology, too, has to come into play. Oil companies simply cannot take a backseat when so much crude oil is left untapped because the conventional tools and technique can no longer cope. In the face of growing demand for global oil supply, the oil sector simply has to find ways to go around the exploration and production challenges beneath underground reservoirs. Petroleum engineers saw the same trend shaping up. Something has to be done, and this is the challenge. As a response, giant oil firms continue to pour in barrels of money in technology development. In recent years, oil production systems start to be set up for innovation, while technical people are called on to step up.
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At present, advanced drilling and production technologies are giving good results. In fact, in the past decades, horizontal drilling, completions techniques, and computer-assisted geologic modeling remarkably changed the oil production landscape. Now the gaze of most oil players is set on the Arctic region and other places with heavy frontier acreage challenges. The technological upgrade is making the oil sector bold. Wherever people look, truly, it’s something good.
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Ali Ghalambor was an American Petroleum Institute endowed professor and is the co-author of the book “Petroleum Production Engineering: A Computer-Assisted Approach.” This Twitter page provides more updates on the oil sector.