In the 20th and the 21st centuries, the world has had a high dependency on oil and gas. However, these two energy resources are non-renewable. It is likely that the world gas and oil reserves will run out. Such an occurrence may be a catastrophe of gigantic proportions. This has raised serious concerns in the big oil companies of the world. These companies have resulted in the use of the technological advances of the 21st century and the top 10 service management techniques to explore and mine fuel more economically and efficiently. Technological advances and the birth of the internet has become a major driver of the multi-billion-dollar global exploration and mining industry. In this article, we are going to discuss how technological advancements have transformed the oil and gas industry.
Techniques of exploration
Oil exploration and drilling was very much pot luck just a century ago. In the 1900s, oil exploration was so much of a trial and error endeavor. Gamblers explored and drilled oil while people in business refined it. Those companies that were lucky enough to find oil and gas were able to get ahead financially in terms of their profit margins and revenue. The 20th century was hard on the oil and gas exploration due to lack of the requisite technology to do it right. Today, these two valuable resources are only found in the most profound recesses on earth. Consequently, it has become a costly affair to drill and get the gas and oil to the surface for utility. Technology has made exploration a bit easier with the advent of the global positioning system (GPS). Modern sonar and radar technologies together with geothermal imagery have become critical to accurate oil exploration and mining. Companies that will invest in such technologies are expected to realize a high return on investment.
Any wastage in the oil and gas industry is very expensive since these two commodities are finite resources. Advancements in technology have offered multiple solutions to reduce any form of wastage. The feeble and leaking pipelines of the past are long gone and the 21st century has made sure that there is no wastage of these valuable and non-renewable resources. Today, technology has given rise to high-pressure shaft seals and better-quality metals that are critical in ensuring that not even a drop is wasted. It all starts in the tech and engineering process of such as hardware where even the most negligible component can lead to disasters of gigantic proportions.
Just a couple of decades ago, gas and oil rigs had to bring hundreds and even thousands of workers on board. Today, the number of skilled staff needed to run an oil rig efficiently has reduced significantly. If the trend is something to be relied on, the number of employees will continue to decrease. More and more tasks have become automated all thanks to innovations and development of technology. Drones and robotics are now helping such companies to explore areas that were previously inaccessible. Tech innovations are giving a boost to oil and gas production by making the processes more efficient and cost-effective.