Technology represents an efficiency factor within the oil industry

in Project HOPE3 months ago

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This is not only to say that technology represents an efficiency factor within the oil industry, but also that through the application of new technological advances one can have the primary benefit of being able to improve the different divisions within the oil industry supply chain.

There are cutting-edge technologies such as automation of the most important processes carried out within the oil industry such as exploration and production, which has been implemented with the firm purpose of optimizing costs in the production of hidorcarbons.

This technological environment also needs a different vision and perspective, a vision that not only contemplates the feasibility based on technology, but also opens an environment where this business is profitable despite the competitive variability in prices, where the supply and demand of oil volumes play an important role, but the variable with the most impact is the political game behind this business.

It is incredible to see that at present certain technological advances within the oil industry represent a challenge for the large companies in charge of this business, and it is a challenge because there are really many people involved who must be convinced of the importance of the technological revolution so that the possibility of continuing with the exploitation of hydrocarbons in spite of low oil prices becomes viable.

I think that as the oil business becomes less profitable due to the low demand for this type of energy at the same time, technological proposals will emerge that will be very tentative, but at the same time very difficult to assimilate due to their new and innovative characteristics.

Perhaps it sounds strange to say that the oil business is currently cherry on top of a very fine thread, for the simple fact that the global and geopolitical willingness to use clean and renewable energy, this coupled with low oil prices have made innovative technology the only salvation to assess the possibility of a resurgence of this business that for years has been the only way of survival of many countries.

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Oil production has been getting more and more difficult for decades. That is because most of the oil fields are decades old and the remaining oil that can be extracted is harder to get at. This in turn reduces the ratio of input energy to extract energy. The new tech can certainly help this but for me personally, this is overshadowed by the damage of releasing more carbon into the atmosphere. In my view, let's invest in renewable energy tech rather than more hydrocarbons being extracted.

Certainly while the deposits are being depleted it is becoming more difficult to extract them, for example recovery mechanisms such as fracking are being used which has a negative environmental impact on the environment, so you are right in saying that renewable and clean energy is the future.

Greetings and thank you for commenting

I do believe that this type of technology that somehow improves the performance of the oil industry processes is a good point.
but how this is affecting that currently with this pandemic continue to update those technological improvements.

Hello my dear friend @lanzjoseg.

The impact that technological updating has on the oil industry in these times of pandemic is favorable, since technology seeks to optimize processes and make the business profitable, since with oil prices it is very difficult to exploit oil at low costs, and this will only be possible by looking at technological innovation.

Greetings and thanks for commenting