Kelcas Oil Corporation, an organization actively involved in oil exploration, production, and sales over the decades explores innovations that has been the driven force behind oil and gas growth.
Oil and gas companies have seen it all. High volatile prices, stringent environmental regulations, political uncertainties, difficulties with complex fields, and many more. The industry is one that is clouded with challenges over the years including adaptation and innovation and the recent coronavirus crisis has also taken a hard toll on the oil and gas. If you know the industry well, it is one that always finds a way to weather the storms and adapt to the situation.
These challenges have opened up tremendous opportunities to come up with innovative measures to promote efficiency, improve production techniques, and reduce costs while reducing the environmental impact. From exploration to the final stage, innovation and technological advancement have been reshaping every stage of the industry. This has driven the industry growth and help meet the world’s demand for oil.
Read on as Kelcas Corperation examines the major innovations behind the growth of Oil and Gas industry, shaping the landscape.
1. Hydraulic Fracturing
The use of factoring, known as hydraulic fracturing has revolutionized the energy sector in America over the years. According to the experts of Kelcas Oil Corporation, the hydraulic fracturing coupled with horizontal drilling has transitioned the country into an energy-producing superpower. It has allowed oil companies to get low priced more stable gasoline prices, reduced GHG emissions, and pollutants, and prevent dependence on imported energy. Commonly used in shale formations, this cutting edge innovations promise to contribute a boost to the booming US economy.
2. Chemical Tracers
Kelcas Oil explained that the chemical tracers have allowed the company to dig out well and come up with fracture designs that are cost-effective. “We are able to fully identify the source of production in the well and get the insight required for effective field exploration while reducing the pitfalls.” It has become an effective innovative tool for reservoir surveying and monitoring. The good thing is they have high detectability, thermally stable and they are environmentally friendly.
3. CT Scanner
CT scanner has been in use in the industry for decades. It has been serving the petroleum sector in providing accurate quantitative data. This involves the porosity, saturation, flow Patten, imaging, and determining the distribution of fluids in the rocks. It provides a 3D resolution that helps to identify any alterations in the rock that can either result in negative or positive changes to the flow rate. It can quickly and effectively identify flaws in real-time without impeding the flow of operations while ensuring safety. One thing is oil and gas drilling is an expensive project. One that you wouldn’t want to leave to chance but requires adequate planning to minimize risk. Hence, it is essential for oil and gas companies to mitigate risk such as the drilling failing to meet the desired target or fail to yield positive results.
4. Digital Technologies
The upstream oil and gas industries are going digital to reshape their operations and business. The Digital technologies promise a lot of benefits which include decrease expenditures, increase productivity, higher efficiency, and cost savings. “Digital technologies are no stranger to the industry and many companies are embracing them in order to reap the benefits. Digital technologies are what enable ‘smart oil drilling’, smart oil fields and analytics as companies could merge business models with products and value chains” Kelcas Oil Corporation says. The application of IoT, sensors, monitoring devices, and many more has the capacity to reduce risk, ensure safe, and drive profit in the energy sector.
The Bottom Line
The industry no doubt has also been thriving on innovations. More and more companies as well are investing heavily in R$D to create new and improved technologies in order to meet the global demand.
To conclude, while the pandemic might be wreaking havoc to the energy sector this time, oil companies need to take necessary actions and strategies in order to adapt to the situations. Of course, this isn’t the first time the industry will be experiencing economic fallout, but it will surely bounce back as it always does.