Industry Spotlight: Technical Trends in the Oil & Gas Industry
The oil & gas industry faces a fundamental challenge: managing the business in what is an intrinsically volatile sector. It is often difficult for any business to balance both short-term and long-term goals with inherent volatility; understanding the enduring and emerging trends within the oil & gas industry is essential for layering meaningful innovation on top of the complexity of the business. One might easily shy away from innovation because of the unstable nature of the industry; however, that is exactly the wrong approach to take. Innovation is the key to optimizing productivity, developing new revenue opportunities, and uncovering unexplored approaches to enhancing the business.Innovation in the oil & gas industry is key to optimizing productivity, developing new revenue opportunities, and uncovering unexplored approaches to enhancing the business. Click To Tweet
Our team has extensive experience in the entire oil & gas ecosystem – from suppliers to downstream partners to chemical companies and adjacent industries. Our experts in the oil & gas ecosystem have identified the five major technical trends that are impacting innovation today:
- New techniques for moving product from field to refinery to consumer, leading to storage, refinery and operational capabilities in locations as diverse as arctic regions and the sea floor. Organizations can reduce infrastructure, transport, and production costs by positioning deployments as close to the well head as possible.
- New ways to enhance recovery rates. Currently, only approximately 35% of oil is recovered worldwide, leaving the remaining oil untapped. Boosting that recovery rate by as little as 1% could add 6% to the global proven oil reserves*. Oil companies can gain new revenue streams by utilizing waste.
- Data integration for the oilfield. Downhole sensors, pipeline monitoring, and digital oilfield modeling over time can help increase discovery and production. Oil & gas companies can save time and money by turning to non-destructive testing.
- Cost-effective methods of renovation and retrofitting older, existing infrastructure (especially in Europe and Russia) with new, more efficient refining and processing equipment.
- Automation and virtualization of the oilfield. Expert systems, remotely controlled operations and robotic oil drones will help replace an ageing personnel base and enable exploration, proving, maintenance, and operations.
Here are some quick snapshots of our work with companies in the oil & gas ecosystem:
- Strategic Dealflow Client – We worked with a large organization wanting to invest in companies in adjacent industries to oil & gas. In less than six months, we introduced our client to five qualified opportunities under due diligence and provided go/no-go information for a greenlighted investment.
- Targeted Scouting Client – Our client was a large, multinational company in the oil & gas industry. We researched and delivered more than 100 tested samples of highly specific machine cleaning technologies. The top sample shows promise for implementation.
- Targeted Scouting and Strategic Dealflow Client – A large oil & gas company engaged us to find highly technical purification companies to acquire. After conducting extensive research, we presented 17 candidates, which led to 8 companies entering into serious discussions.
* Source: International Energy Agency