The oil and gas market has seen many fluctuations over the past three years, from $24 a barrel to now bouncing between $45 and $55 a barrel, OPEC issuing various reports of its intention to stabilize the market, several large shale plays exchanging hands in the hot Delaware Basin, and major oil companies and SMBs wading through a crippling downturn to a brighter future.
Because of the downturn many companies had to produce revenue with less resources and innovate to increase production. The bright spot in all of this has been technology. The past year has brought the oil and gas market several innovative products, procedures and services that have enhanced the recovery of oil, and new technology that has allowed companies to increase employee productivity.
Several technology buzzwords that have floated around significantly just in the past six months are Internet of Things (IoT), Blockchain, Wearable Technology and Artificial Intelligence (AI). However, there are several key questions forming around this relatively new technology. How will it be used in the industry? Who will use it? What are the costs and benefits? OILMAN’s editorial team will explore the technology and attempt to answer these questions and more in several issues next year.
In this issue we dive into the hot debate of protecting the environment and balancing the interest of the oil and gas market to operate successfully against federal and local regulations.
The team at OILMAN would like to thank you, our readers, advertisers and contributors, for your continued support and we look forward to bringing you insightful oil and gas features in 2018.
Oil and gas companies are regularly faced with many industry-specific issues to overcome. Such issues, including exploration and drilling, are often complex and intricate processes with many unique challenges to overcome. Data analytics can play a massive part in streamlining some of the most fundamental operations that are involved in the oil and gas industry.