Aspects to consider for an oil industry in process of change

in Project HOPElast month

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In particular, I believe that the first important thing that we should all consider is that under the current scenario in which the oil industry is subjected to low oil prices and seen by many as an industry that threatens to increase global warming, all these considerations make me think that it is necessary that the oil industry reinvents a new action in the exploitation of hydrocarbons taking into account minimizing production costs with the intention that if in the future a scenario of low oil prices is repeated, oil exploitation can continue to be viable.

The second challenge must be to evolve towards new technologies that allow the extraction of oil and natural gas in more environmentally friendly ways. It is also important that not only new technologies are applied to make oil and natural gas extraction more environmentally friendly, but that oil refining evolves to generate fuels that do not contribute to the generation of greenhouse gases, or at least that the emission is less polluting than the current one.

If the two challenges mentioned above put the oil industry in a context of reinvention, then we could say that we would be approaching the new era of the oil industry.

What factors are constantly pushing the oil industry to reinvent itself?

As I mentioned before, global warming ends up being a hot topic, since people are interested in knowing the future of humanity here on earth, which makes one think that if the oil industry wants to stay within the elite industries worldwide it has to end up accepting the need for a process of change, The other thing to consider is that until new forms of energy emerge that manage to cover the current energy demand, oil will continue to be in high demand and used worldwide. This reason, together with a more sustainable use of this resource, pushes the oil industry to enter a process of transition, so it is worth asking:

What technological tools does the oil industry have to successfully face this new transitional challenge?

The adoption of digital technologies has always been there at the order of the day in the oil industry, even since I worked in well drilling operations I always saw the dependence of digitalization, and it is not for less since really the contribution of digitalization was reflected in the optimization of the processes involved. However, I believe that the scenario that refers to digitalization will have to increase and diversify with new technological incorporations, since the new challenges will make digitalization increase exponentially, if you believe that it is already happening, let me tell you that I believe that it will intensify as a result of the demand of the new challenges.

How can this picture be seen and understood by the oil industries?

Once the oil industries worldwide manage to accept the current panorama, then they will be able to build the new scenarios on a par with the requirements of today's society in terms of sustainability and a lifestyle more in line with environmental requirements.

The oil industries should have a criterion of innovation on a large scale in which they can reorient their goals in a new global energy scenario.

Is there a possibility not to reinvent under this current trend?

From my perspective, the global oil industry has no choice but to reinvent itself, otherwise it will lose its credibility as a contributor to the creation of a new world.

I believe that the turning point that would provide today's society with that moment of time in which we would be able to discern whether the oil industry would be entering that process of change is when the oil industry, for example, adopts advanced generation digital technology, that is, a much more advanced digital technology than the current one.

You can imagine the oil industry using block chain technology in the payment of the purchase and sale of crude oil.

I believe that the time has come to wait for new changes around this great industry that has been hit by low oil prices. It is necessary for it to be competitive and sustainable, so a combination of changes is the only way for the oil industry to continue surviving now and in the near future.

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Greetings dear friend @carlos84, are very good your arguments on the aspects that should take into account in the oil industry, to be agreed to the current demands. They should adopt strategies based on the principles of sustainable development.

So long brother, have an excellent week !

Those are right to adopt measures that make the development of this company sustainable. Greetings and thank you for your contribution

Good article, your article makes me wonder if the oil industry has to reinvent itself to get ahead in countries like Venezuela, that industry is condemned to disappear?

I believe that the Venezuelan oil industry first has to have a restructuring from within, and regain its infrastructure, as drilling rigs and surface facilities have been lost, and refineries made operational. Once all this has been resumed then apply technological innovations, but it is impossible to innovate under the current conditions that the Venezuelan oil industry finds itself.

I hope we remove our independence completely from that source of energy.

Let's hope that new forms of high potential energy will be invented that can replace that of hydrocarbons, so far nothing has been seen, so this will continue until further notice. Greetings and thanks for your contribution.

We have electric cars that might replace gas cars in the next decade. Now we hydroelectric and wind power.

In most countries, the government control and oversee the affairs of the oil sector. Therefore, government make decisions on how well technology will be adopted and the provide the fund necessary for the adoption. This which I believe could slow things down when it becomes obvious that reinvention is needed. I think in such countries, where to start is completion in the oil industries. Let their be private sectors. And if that happens, he who want to remain relevant in the industry and market will have to advance and updated in technological innovation. Thanks for sharing such a wonderful article.

Thank you for your contribution, excellent proposal that you make through this commentary. Greetings and thanks for your contribution

I heard some USA oil companies are mining Bitcoin now to utilise capacity

Blockchain and crypto technology is something the oil industry will soon need. Greetings and thank you for your contribution

Greetings friend @carlos84. It is an adoptable option that you propose of the digital technologies in the oil industries, in which strategies should be adopted that are based on the principles of sustainable development and sustainable in time. Thank you for sharing your very important article.

Certainly friend @sandracarrascal all these changes have to be oriented to the sustainable development of humanity. Greetings and thanks for your contribution.

Greetings friend @carlos84, as usual another excellent delivery that you share with us in this opportunity related to certain aspects of changes that should be considered within the oil industry due to the low cost of crude oil, where, you share with us excellent points of view very viable in this field, among which is the evolution towards new technologies which allow to increase the percentage of oil extraction that are trapped in the fields, among other aspects that you very well point out, thank you for continuing to educate us in the area of hydrocarbons. Successes.

Thank you for your support with your positive comments on my publications. Greetings