Next Generation Technology To Double Oil And Gas Reserves By 2050 09/10/17 •lweb.es/f3759 •bit.ly/2AzDWUN
Next-generation technology will connect workers, suppliers, customers and assets through a reimagined business model. By leveraging Internet of Things enabled devices, the oil industry could turn insight into action. By using connected instruments from wellheads or pipelines to an integrated data repository, data sources will have increased insight into production. A cloud-based solution that aligns with talent as well as procurement provides integrated support to the supplier network, creating increased efficiency and cost savings. By optimization oil companies will have more time and resources to invest in technology to help increase oil reserves.
Jonathan Chanis, vice president of policy at Securing America’s Future Energy considers that an oil supply shortage and price spikes of $80-$100 a barrel could hit the global oil market by the 2020s if producers do not fund major projects soon. He adds that rising US tight oil supply will not be able to stop this trend. Investment declined 40% in 2015 and 2016 and has been flat so far this year, he said. The number of megaprojects approved in the next year to two years will determine if that shortage arrives.