Snooze, You lose!

Are you seizing opportunities or just treading water?

TO INCREASE PROFITS IN TODAY'S LOW OIL PRICES: INVEST IN TECHNOLOGY

Are you seizing opportunities or just treading water?

Profits don’t care about the source; it is not what you make it is what you keep!

Managers are challenged to always be on the lookout for new technologies that can help their company’s performance, save money and give them a competitive edge. 

Can one person be aware of all opportunities available?  Of course not, that is why we have teams.  Great, more people more opportunity to learn, qualify and bring forward for consideration, easy right?  Not necessarily! The problem is what to focus on?  How to reconsider materials and methods we are accustomed to and open consideration to step changes that eliminate long term issues that erode profits.

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Methane Leaks is Big Business


Investing in the right technologies to prevent methane waste can save millions.

METHANE WASTE PREVENTION TECHNOLOGY IS THE FUTURE OF PROFIT GAINS

Research shows that one of the most valuable technologies for producers to save money was to prevent methane waste.  According to a report issued by NRDC there are new technologies available for producers to prevent this waste. I have listed some of the technologies that were compiled from the NRDC website.  These technologies if implemented properly can "profitably capture more than 80 percent of the methane currently emitted by the oil & gas industry".  According to NRDC this will allow producers in the oil & gas industry to generate an additional $2 billion in revenue.  They are as follows:
 

Plunger Lift Systems: This technology helps to remove blockages in older wells, to help increase the captures methane.

TEG Dehydrator Emission Controls: This technological advancement helps to reduce the amount of methane leakage from TEG dehydrators.  It also assists in the removal of moisture from the natural gas before the natural gas is transported.

Advanced Leak Monitoring Equipment: This enhanced operational equipment helps to detect and repair colorless and odorless methane leaks.4.Desiccant Dehydrators: This is a technological device that can eliminate methane leakage, by using specialty salts, to remove moisture from natural gas.

Green Completions: This device helps to capture natural gas that has leaked from wells as it is "readied for natural gas extraction"

No-bleed or Low Bleed Pneumatic controllers: This type of technology helps producer eliminate oil leakage from pneumatic controllers.

Dry Seal Systems: This technology helps to "mitigate methane leakage from centrifugal compressors"  These compressors are used during  the processing and transportation of the natural gas/oil. 

Improved Compressor Maintenance Devices: These help to controls leakage of natural gas from reciprocating compressors, through "timely rod packing replacements".

Vapor Recovery Units: This device is used in tanks to capture methane that has leaked from crude oil .

Pipeline Maintenance Devices:  This technology allows for the capture of methane, while problems in pipelines are being repaired.

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The GOTCP was created in 2013.  Its purpose is to provide "collaborative opportunities for enhancing national capabilities within both onshore and offshore activities" and to spark innovation across natural gas and oil technologies. The GOTCP helps to promote co-operation between companies, research institutes and policy makers, in order to reduce environmental risks and increase economic benefits. Oil and Gas from the traditional resources is in decline, therefore increasing focus on frontier areas such as deep ocean waters which increase safety risks. Technology is crucial in ensuring safe oil production while reducing environmental risks. However, many producers, have difficulty adopting new technologies. A solution for this is to establish funding for pilot programs. If your company does not employ pilot projects, you are being eclipsed by your competition. 
The oil and natural gas industry is "facing a new productivity transformation, where digital technologies help companies discover new ways to increase revenue and drive increased efficiency".  An excellent source that I found to help your team embrace technology, in this digital revolution was Accenture. The link I have provided you with includes an extensive framework to help your employees recognize and appreciate how digital technologies will impact your business. There are 4 different videos on this webpage that includes the automation and augmentation and of both the mental and physical and mental adaption process.  The videos focus on the transformation of the oil and gas industry by use of the following technologies:

Drones - Drone technology can increase safety and cut-costs by removing the need for people to work in high-risk environments.

Augmentation Technologies -  This category includes wearable computing technologies, such as smart watches and head mounted displays, which improve efficiency and safety in the work environment..

Cognitive Computing - "Complex algorithms that can interpret large volumes of data" allows machines to make decisions automatically.

Data Analytics - Data analytics are a systematic way to understand large amounts of data, that is "collected across the entire oil and gas value chain". Data Analytics can make sure resources are in place and help predict when a machine will break down. In order for data analytics to be successful it "takes the right digital platform and the right talent".

According to the Wall Street Journal, low petroleum prices have caused major energy companies to focus on efficiency. Today companies are looking for innovative technologies to cut costs. In the United States,  companies continue to "innovate shale drilling techniques and technology", creating lower prices. 

Cutting-edge technology in the United States has improved oil and gas drilling.

The United States, Russia and Saudi Arabia are all using innovations horizontal drilling and other technology of the future. 

There is now focus on alternative materials “Non-Metallic” tubulars that are resistant to scale and inert to corrosion, promising a step change in materials selection for long term gain.


Companies like AKIET B.V. offer engineering and manufactured tubulars strong enough to drill with and ultimately the last pipe needed for the life of the well. 

As stated on Oil Price, "The next major oil superpower may not necessarily be a country with vast resources but rather the technology and innovation created by countries and companies that adapt to the changing dynamic of the new oil and gas order and that foster investment and competition within the industry."

Based on my research, I have provided you with numerous new technologies in the oil and gas field that could save money for producers, while prices in today's oil market are low.

So in Conclusion

Based on my research, I have provided you with numerous new technologies in the oil and gas field that could save money for producers, while prices in today's oil market are low. 
 

RESOURCES

10 Technologies Trends in the gas and oil Industry - nrdc.org
Gas and Oil Technologies (GOTCP) - iea.org
Future of Technology in the oil and gas Industry - accenture.com
Production Costs Lowered by Technological Advances in the oil Industry - wsj.com
“Non-Metallic” tubulars that are resistant to scale and inert to corrosion - akiet.com
The Crash in oil Prices has created Technical Superpowers - oilprice.com

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