The oil industry is producing about 98 million barrels every day. Oil investments fuel the oil market’s success and have currently pitted a barrel’s price at approximately $70.
Oil demand is at an all-time high, but accredited investors are wary of this temporal peak. Since all non-renewable resources are finite, oil reserves are bound to exhaust one day. This has initiated a debate about the economic future of the oil drilling and gas industry.
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.
The leading fossil fuels that global economies depend on are coal, oil, and natural gas. These are naturally-occurring hydrocarbons that contain substantial amounts of hydrogen molecules and carbon. They form over millions of years as plants, animals, and other organic matter decomposes anaerobically under high pressure and temperature.
Environmentalists have been delivering fiery speeches in favour of cutting down fossil fuel extraction. They have even proposed the complete elimination of fuel exploitation to save the planet.
As if this year wasn’t enough on its own, Texas and Louisiana’s coastlines received a surge of stormy winds as it grew into one of the worst recorded hurricanes in American history. The Gulf of Mexico had to be evacuated as oil and gas companies rushed to leave the offshore platforms and rigs. Refineries that […]
When America’s energy secretary visited Louisiana to inspect Hurricane Laura’s consequences, he reported that 30% of the emergency crude oil site was damaged. This was a severe blow to the oil industry.
Oil reserves are found deep under the earth or at remote locations in the sea. Oil companies need large structures that can be suspended above water to drill into the seabed and extract oil. Such machines are called oil rigs, and there are 1,470 of them around the globe.
We’ve heard a lot about how stainless steel—a widely used iron with 10.5 percent chromium, and other alloy metals, such as molybdenum and nickel—is used in the oil and gas industry.
Opportunities for natural gas continue to evolve over time. In the recent past, drilling rig instrumentation and the Internet of Things (IoT) have evolved to play major roles in the industry with regard to preventing mismanagement.