Oil and Gas Industry—Trends and Technology : Growth in the Oil and Gas Industry Will be Fueled by Technology Advancements
NEW YORK, Jan. 26, 2016 /PRNewswire/ -- This study presents the global oil and gas industry as a primary source of energy. Various challenges faced by today's oil and gas companies in this ever-changing environment are discussed in detail, such as how the industry is structured and how the competitive structure has evolved over the study period. Additionally, technology as the key driver is discussed in detail. Some major trends observed in the development of technology are briefly discussed, and key solutions such as digital oilfields, integrated asset management, intelligent well development, and integrity management knowledge are presented.
Over the past few decades, best-in-class operational performance has been value addition over gaining access to new fields and delivering development projects for upstream operations.
- Today's demanding economic environment for oil and gas (O&G) operators means better operational performance (not only in production volumes but in production cost) and will play a significant role in determining long-term business success.
- Exploration and production (E&P) companies witnessed remarkable transformation as the role of the once mighty international oil companies (IOC) comes under siege from growing national oil companies (NOC) and as oilfield services companies that were partners have now become competitors.
- Industry challenges are compounded with an ageing workforce and increasing pressure to respond to environmental issues, climate change, and social concerns as well as the primary pressure of creating shareholder value.
The industry has experienced the worst of market turmoil in the last few years as it rode choppy commodity prices, bringing about a series of concerns to identify best practices and solutions to counter market fluctuations.
- In this study, Frost & Sullivan deliberates on possible areas of operational improvements, underlying technology enablers, and solutions required for the industry for continued growth and development in the next 2 decades
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