As companies are shifting gears and adopting greener production practices, the world is headed toward a low-carbon future. This a long-term vision often confused with a no-carbon stance that nearly eliminates the oil and gas prospects.
That’s a popular misconception fueled by a myopic view of the energy portfolio that the world needs. It’s imperative to protect and preserve the environment, but it’s equally (if not more) crucial to see the growing population’s needs.
Growing Population, Growing Needs
The global population is expected to increase at least by 1.5 billion at the end of the century. With this, the living standards and consumption patterns will also evolve. At the core of this lies the need to find sustainable energy options.
Renewable energy sources can barely shoulder the economic burden that oil and gas are managing alone, let alone the steep cost and lacking supply. We need abundant, affordable, and reliable energy sources to keep the wheels moving and businesses thriving.
Devising a durable strategy for an energy portfolio for the future is a global concern. Leading oil-producing countries must join hands and share ideas to come to a sustainable solution. Since Saudi Arabia is not far behind the US in oil production, its views are valuable in this discussion.
The SVP upstream of Saudi Aramco, Mohammed Y Al Qahtani, laid out a plan in the recent BHGE Annual meeting in Florence. Qahtani suggested that oil and natural gas must continue to suffice most global energy needs while renewable energy sources partake in it.
For that, he recommended removing technological barriers to promoting cleaner oil products for a greener future. It’s only then that we can reduce our GHG footprint with new technology that refines hydrocarbons and delivers the low-carbon economic goal effectively.
Innovation and Data
The 21st century demands us to change our ways of producing oil, gas, and petroleum products. Innovation is the need of the hour, especially as we plan to step into the next century with a cleaner, low-carbon outlook.
The 3D seismic and hydraulic fracturing technology was a significant breakthrough in the energy industry that opened new prospects. The 4D seismic data can uncover various ways that serve a larger purpose. The oil industry can once again be at the front of the pack with other economic sectors by reviving a passion for innovation. Artificial intelligence, robotics, big data, and analytics can help us tap into reservoirs of fuel and refine it through safe, eco-friendly methods.
A single oil rig or drilling plant generates terabytes of data crucial to the oil and gas value chain. But unfortunately, companies discard most of it due to a lack of resources or technical interpretive expertise. If the energy industry cracks more than just a fraction of this data, it can give it an unimaginable boom. Drilling rigs should finally be automated to run as independent production facilities that maximize safety and efficiency.
We assist oil investors and oil companies find innovative drilling equipment at affordable prices to work toward a low-carbon future.
We’re a leading manufacturer of OEM instrumentation in Canada with a production facility in Leduc, Alberta. We supply drilling equipment such as mud pressure gauges, custom cables, or clipper weight indicators for Canadian and American oil companies at affordable rates.
Check out our full range or call at 780-955-8998 for more information.