Technology To Address Operational Inefficiencies In The Oilfield

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Many oil and gas exploration and production companies are turning towards technology and adopting innovative ideas to keep costs low. In the light of low crude oil prices, the oil and gas industry is looking for ways to become more efficient and productive. There are companies which are taking advantage of this interest in technology to promote their services and/or products. Read this article to learn more about this development.

Technology To File Reports From The Field

Oilfield workers often waste a considerable amount of time travelling between remote drill sites and corporate offices. In addition, since the report is prepared on paper, it becomes a challenging task to capture and process the amount of data collected from the oilfield. All of this could change if the data is captured digitally and analysed. Using technology, workers should be empowered to file reports from the field, saving time and money. It is time for the oil and gas industry to get tech savvy and reap the rewards by enjoying better profits at lower investment.

Rhiannon Meyers said in a recent article:

“Although Occidental’s profits tumbled 85 percent in the second quarter on declining oil prices, the exploration and production company is still pressing forward with a project aimed at taking advantage of the growing proliferation of intelligent equipment, advanced data crunching and mobile devices that allow workers to file reports from the field.”

Reviving Production In Older Wells

New technology allows companies to revive production in older oil wells and see where the fluids that are getting pumped into the ground are going. These technologies will help oil and gas exploration companies save money and become more profitable. One such company that is offering such technologies is GroundMetrics that is changing the way companies undertake oil and gas exploration.

Bill Tucker said in a recent article:

“Eiskamp says they’ve been finding opportunities in enhanced oil recovery where GroundMetrics can help the companies “see” where the fluids they are pumping into the ground are going. The company is also finding opportunity in re-fracking, a process that involves companies going back into older wells and attempting to revive production.”

It is time for the oil and gas industry to invest in new technologies that help them become more efficient, save money and become profitable, in the light of low prices of crude oil.