The Global Oil and Gas IndustryDespite the rapid speed of technology and innovation pressuring the industry, oil and gas CEOs see technological disruption as more of an opportunity. Regina Mayor. Anton Oussov. Despite the rapid speed of technology and innovation pressuring the industry, oil and gas CEOs see technological disruption as more of an opportunity than a threat but acknowledge that more work is to be done. AI and robotic solutions can help us create models that will predict behavior or outcomes more accurately, like improving rig safety, dispatching crews faster, and identifying systems failures even before they arise. Despite a rosy outlook, there are still concerns and threats to achieving growth.
Oil and Gas Industry Overview
The petroleum industry is not of recent origin, but petroleum 's current status as the key component of politics, society, and technology has its roots in the early 20th century. The invention of the internal combustion engine was the major influence in the rise in the importance of petroleum. According to Herodotus , more than four thousand years ago natural asphalt was employed in the construction of the walls and towers of Babylon , great quantities of it were found on the banks of the river Issus , one of the tributaries of the Euphrates  , and this fact confirmed by Diodorus Siculus. In China, petroleum was used more than years ago. In I Ching , one of the earliest Chinese writings cites the use of oil in its raw state without refining was first discovered, extracted, and used in China in the first century BCE. In addition, the Chinese were the first to use petroleum as fuel as early as the fourth century BCE.
OSLO - China's oil and gas industry is set to reinforce efforts to reduce environmental impacts of its projects and operations in , leading energy and shipping certification agency DNV GL said Tuesday in a report. New research shows 61 percent of senior oil and gas professionals in China say their organizations are actively preparing for the transition to a lower carbon energy mix compared to 51 percent globally, according to DNV GL's annual report on the outlook for the oil and gas industry. The Norway-based international certification agency said Chinese industry leaders' focus on decarbonization aligns with the government's new "Blue Sky" plan to tackle air pollution by reducing emissions of sulphur and nitrogen oxides and other pollutants by at least 15 percent from levels by
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IOGP Production Report 2018 (2nd edition)
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The oil and gas automation market is expected to register a CAGR of over 6. In the oil and gas industry processes, there is always a high demand for safety and reliability. The supply chain of this industry creates a great need for automation, industry expertise, and an extensive partner network. Process automation helps oil and gas producers to integrate information, as well as control, power, and provide safety solutions, in order to respond to the dynamic global demand. Oil and gas, a dynamic global industry, often faces challenges in cost management, extraction of high value from current assets, and maximization of the up-time. Advancement in technology has led to a connected enterprise, which helps the oil and gas industry to move closer to operational excellence.
Download high resolution map. In a world making progress along a lower carbon emission path, oil and gas remain the leading energy sources. They are plentiful, accessible, cost-effective and — especially in the case of natural gas — cleaner-burning. Demand for oil is increasing as well. In , global oil supply surpassed the million-barrels-per-day mark for the first time ever. Our industry needs to invest to keep up with this rising demand, but there is also another challenge: field depletion. Investments in enhanced recovery in depleting fields and the discovery and development of new fields can keep such production losses at bay.