The oil and gas industry continues to become more efficient as companies adopt new technology and analytics.
Not only are companies using analytics to streamline pipeline and refinery output, but drillers have embraced new, cleaner technology as well.
“The oil field is getting greener, cleaner, more efficient and better producing oil and our ability to produce oil over a long period of time is assured,” says Baron Lukas, CEO of ELS, which provides nanotechnology for the oil and gas industry.
“Just getting oil out of the ground, that efficiency is increasing exponentially,” he says. “My company sells a product that is made in Houston, and we've seen phenomenal results just by adding a nanotechnology product to the completions program.”
Schlumberger recently reported that oil prices are poised to rise as the market balances out after years of oversupply.
“Demand for oil may vary which will drive price down, which will drive operators to pull back on their capital and operational expenditures,” says Lukas. “But unless something really dramatic happens, the next year or so looks pretty bloody good.”