Technology represents an efficiency factor within the oil industry

in Project HOPE2 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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 2 months ago 

@tipu curate 3

So much technology has helped us with in this our present age and one major factor that has contributed to it is also how we have been using it.

I believe that the most decisive factor is knowing how to apply technological innovations, that will mark the future itself.

Greetings and thanks for commenting

I have no idea about what kind of strategy can be made for them because it's really critical. with the technological change some companies will not survive. this is not happening only in the oil sector but some other sectors as well. but in well sector, renewable energy revolution can impact more

Really, technological innovation will only be able to save the oil industry from making the oil business feasible by maximizing it in spite of low oil prices. However, by the time the vision is to make the leap to the use of renewable energies I think the same as you, it is very difficult for the oil company to survive.

Technology has shown its dominance in all sectors and industry and the oil industry isn't any exception but i must say that the oil industry is at the edge, renewable energy as well as the same technology will make it obsolete like coal.

Certainly the oil industry will reach the point where it will disappear, but for that there is still much to do, for the moment renewable energies do not manage to cover the entirety of the current energy demand.

That this oil business becomes obsolete may be from the point of view of functionality of the industry, but as an oil engineer I can assure you that it will not become obsolete of all the knowledge that has been had and the technological and scientific advances that have been needed throughout all these years that the oil industry has been operating.

Greetings and thanks for commenting

 2 months ago 

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

It's amazing to see how technology is in virtually every industry. This is "crazy".

Certainly, technology has reached all corners of our society today and will continue to expand more and more.

Greetings @carlos84 Without a doubt the oil industry is going through a critical turning point and although I am not an expert in the area it is necessary to advance towards technology that does not threaten environmental wellbeing, it is time to leave aside the use of fossil fuels and aim for more efficient measures that do not harm the biotic systems of our planet. We continue reading.

Certainly humanity has to move towards energy forms that are inexhaustible and cleaner for the environment, however until another energy source provides a high potential I believe that oil will continue to dominate the international market.