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! 

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