With 2021 being a much different year than the last we took a look at the state of things and an outlook for trends in the Oil & Gas Industry.
While being one of the larger parts of the petroleum industry, Infrastructure has been somewhat underserved for quite some time. This has been changing in the past few years as more businesses place more investment into their supply and logistics.
While many consumers believe that sustainability is solely the area of solar or wind energy, this simply isn’t the case, as the oil and gas industry has been focusing more and more on sustainability in the past few years.
Oil has gotten most of the attention in the energy industry, with much of the rest going to wind and solar power. This hasn’t meant that natural gas had gone away, however. In contrast, there has been somewhat of a resurgence in natural gas in recent years.
Deep-sea exploration has often been one of the largest costs associated with the oil and gas industry, which has led to various ways to bring this cost down. As a result, there have been several technologies developed to help with this, reduce costs and be more effective.
Alongside the increased use of hardware, the oil & gas industry has been implementing the use of new software. This has been used in several capacities, with one of the largest of these being what’s known as the Internet of Things (IoT).
Through this, robotics and other machinery are connected and can subsequently monitor each other. There are a variety of benefits that this provides, with performance being key. This results in companies having more data on where and when their machinery should be repaired to optimize results.