The Future Of The Oil Industry—2020 And Beyond

If your business operates in the oil industry, you need to know about its future prospects so you can plan ahead.

And while a simple Google search will provide you with an abundance of information about the outlook for the industry, it can get quite overwhelming to digest it all.
Lucky for you, we’ve done all the hard work for you! Here are some important trends that will help you strategize for 2020 and beyond.

Smart drilling is the future!

Drilling businesses are looking to become the LeBron James of the industry: fast, precise, and focused on getting a slam dunk the first time round.
For that, it’s critical to formulate an effective, well-thought-out game plan. Especially when it comes to oil exploration, companies need to equip themselves with the latest technology to find success.
Companies continue to make great strides in deep drilling. And as new standards are set with every exploratory mission, smarter equates to better and faster. 

Hence, smart drilling is among the top trends we can expect to see in the future of the oil industry. 

A more sustainable approach toward rig decommissioning

When oil fields end production, their facilities need to be dismantled and disposed of. This involves cleaning and removing all production equipment and the platform. It’s one of the most complex and demanding tasks for oil drilling companies.
The decommissioning cost of a simple four-pile rig structure in 15 meters of water costs around $2 million.
Sinking the rink in the water is no longer a feasible option for companies due to the harmful environmental impact.
The industry’s progressing toward the target of reducing decommissioning costs so projects remain feasible.

Companies are looking for ways to decommission rigs in more eco-friendly, sustainable manners to avoid criticism from environmentalists—and even fines.

Advanced Technology will be the key to Success!

Technology already plays a critical role in the oil industry, but it’s expected to play a much bigger role in the future.
Companies will take advantage of digitization to ensure maximum safety, security, and uptime.
Artificial Intelligence (AI) and big data will also have a big impact on improving the functional capabilities of facilities.
Most importantly, advanced construction equipment and tools will become a standard and become an integral part of the drilling projects.
This will eliminate the guesswork in drilling processes and lead to more efficient, safer processes.

Looking For High-Quality Construction equipment?

Contact Instruments is a leading manufacturer of drilling rig instrumentation. They offer durable, top-quality drilling products, including weight indicator systems, custom cables, pump stands, trash pump parts, and more. To find out more about their products, get in touch with them today! 

Comments

Post a Comment

Popular posts from this blog

How to Avoid OSHA Violations at Your Drilling Rig

Image
  The health and safety of workers in the oil and gas mining industry are major concerns. Exposure to hazards, extreme work environments, and accidents while operating heavy machinery means that oil/gas industry employees are at a higher risk of injuries and fatalities. As a result, the Occupational Safety and Health Administration ( OSHA ) has outlined certain precautions that help prevent accidents and keep your employees and worksite safe. Significant focus has been put on inspecting oilfield worksites, so you want to be prepared for any unexpected visits at your facility at all times. Staying prepared means that not only do you get to avoid fines and citations , but you also keep your workers protected. Let’s take a look at the top three violations on OSHA’s list, as well as the steps you can take to prevent them. 1. Inadequate Fall Prevention According to the National Safety Council, falls are among the most common hazards in the workplace, leading to approximately 50,000 severe i
Read more

Most Common Oilfield Instrumentation Issues

Image
Oilfield instrumentation  is a system of measuring, recording, and analyzing parameters such as temperature, pressure, and flow rate. It’s used to monitor the production of petroleum and natural gas wells. Here are five common oilfield instrumentation issues that oilfield operators should know about. Equipment Failure Equipment can either fail mechanically or electrically. The most common failures are due to power surges or lightning strikes. Electrical failure is one of the most common causes of oilfield instrumentation issues. They are caused by improper grounding or insulation issues with wiring in the wellhead. Mechanical failures  are usually due to wear and tear on moving parts caused by high-temperature environments or corrosion from corrosive chemicals in the wellhead. Lack of Communication Between the Wellhead and the Surface Any oilfield or gas field instrumentation is at risk of malfunctioning if the communication between the wellhead and surface is faulty. One issue that ca
Read more

Types of Weight Indicator Systems and Their Uses

Image
Weight indicator systems  are commonly used for weight or load indication during oil or drilling processes. It is a valuable instrument that can help you detect and provide accurate readings on the measuring scale. There are different types of weight indicator systems that you can use for minor processes or heavy-duty drilling operations. Contact Instruments  has the best quality and user-friendly weight indicator system that not only offers accurate reading but an exceptional user experience. What are some common types of weight indicator systems? Let's find out. Anchor Type Weight Indicators Anchor weight type weight indicators  offer a quick and efficient indication of hook load and provide a practical drilling experience. Some of its features include: ·  They can be configured in a custom manner with several other tools like pressure gauges, torque gauge, and pump stroke meter. ·  They offers load tolerance of 30,000 pounds to 200,000 pounds. ·  It also consists of dampers that
Read more