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The Organization of the Petroleum Exporting Countries (OPEC)  is an intergovernmental organization that controls close to forty percent of the world’s total oil production.  The COVID-19 pandemic  exposed the extremely brittle state of OPEC  as we witnessed one of the most significant oil conflicts in history. In the article, we will discuss the recent Russian-Saudi Arabian conflict over oil supply cuts and the future of the oil and gas industry. Let’s get started. OPEC Conflicts—Saudi Arabia and Russia Oil Price War Saudi Arabia, the cartel’s most powerful member,  launched a price war against Russia, which sent prices into free fall. The markets were already suffering huge financial losses from the global pandemic. This conflict between both countries   in early March resulted in the biggest drop in oil prices in history, with the price becoming negative around mid-April. The impact of the oil price war between two oil-producing giants impa...

The oil and gas industry has started embracing technology to meet the increasing need to optimize production and maximize Return on Investment (ROI). Hence, they are incorporating advanced technology like Artificial Intelligence (AI), robotics, seismic imaging, etc., in their organizational process. The global digital oil field market is expected to grow to USD 30.4 billion by 2024 . It’s anticipated that digital oil fields will revolutionize the offshore oil drilling. Let’s find out more!   What are digital oil fields? Digital oil fields  incorporate modern technologies in business process management to automate operations and streamline the workflow to maximize productivity and improve efficiency. Moreover, the digitalization helps cut down costs and reduces potential risks related to oil and gas operations that can impact worker safety and profitability of gas companies.   Digital Oil Fields Revolutionizing the Offshore Oil Drilling The increasin...

It’s no surprise in the oil industry that inaccurate date is the source of all poor decisions and will always reflect badly on the ROIs of drilling activities. In the worst possible cases, these data problems might lead to full-blown catastrophes like the Deepwater Horizon explosion  and at the very least it can impact efficiency to generate huge deadweight losses for the operation. For these reasons, it becomes imperative that all oil excavation projects employ proper process instrumentation to keep their operation sustainable and safe. The Relationship Between Data and Decision-making There is an increasing degree of awareness throughout the oil and gas industry about the role of big data in helping making better production decisions. It is observed that the use of data analytics to collect, aggregate and  analyze information from process instrumentation can help increase production by as much as  6–8% . Additionally, it is well known that investments in data ana...

Torque gauges help measure various force measurements such as rotating, twisting, and turning. They’re generally used in oil rigs and drilling fields for pipe weights. Torque systems have a two-fold purpose: they provide accurate torque measurements and preventing the weight from over-turning or under-turning. Torque and OEM Drilling Many industries, and not just oil fields, require precise torque measurements. Any industry that has anything to do with machines will need to test torque through a series of tests using one of the many torque measuring systems (such as a gauge) to test the force. Modern engines are required to have better rotating speeds for better mechanical performance. This leads to greater accuracy in their final products, but the maintenance of such an engine also requires a torque measuring system that can perform the job with precision and efficiency.  For years now, torque measurements have been advancing for use in various fields of application. ...

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 dri...

Pressure gauges can put you under a lot of pressure if you don’t pay due attention to their maintenance. One of the most common problems that you’re likely to deal with is pressure gauge failure. Most people don’t consider the pressure gauge as something that could lead to accidents, but the truth is far from that. Broken and damaged pressure gauges are often the culprit behind several issues in plants. Why Pressure Gauges Need Your Attention You probably know that the job of a pressure gauge is to calculate fluid pressure. But there’s more to pressure gauges than that. A malfunctioning pressure gauge will take away your ability to address problems, simply because you won’t be able to tell that there is a problem. As a result, safety is compromised. These malfunctions are usually caused by leaks, emissions, explosions, and fires. Even if the calamity is minor, it can end up injuring an employee. This means you lose manpower and could potentially land you in a lawsuit for...