How 6 Technology Trends are Changing the Oil Business

Technology is constantly advancing and the impact it has on the business world is enormous. One of the industries affected by the rise of technology is the oil industry as tech allows more accurate data collection, improved processes, and ultimately, better results. In case you’re wondering what the latest technology trends in the oil business are, here are six of them that are changing the entire industry.

The use of drone technology

It seems like drones are everywhere these days and they recently found their way into the oil business. Just the fact that you can remotely pilot these little things makes it easy to inspect well sites, pipelines and storage tanks. Moreover, they provide live situational awareness during emergencies such as spills and fires. Besides safety, drones also help oil companies gain visibility both on and around the site. With theway drones have been advancing, their potential in the industry is sky-high.

Relying on renewable energy sources

As you probably already know, the entire world is trying to move towards renewable energy, helping to preserve the planet. This means that oil companies are also likely to turn their attention to renewables. Luckily, the technology they can use to benefit from renewable energy resources is advancing as well, making it a lot easier for companies in the oil industry to adapt.

Storing data on the Cloud

Businesses in every industry can benefit from using the cloud and oil industry is no exception. Of course, the best part of it is that it makes managing and sharing data a lot easier. Workers in the company’s headquarters can access data collected on the site in a timely fashion and use it to find ways to improve the operations and save time. Data that oil companies use in extremely sensitive material and they had concerns about storing it on the web. However, since the data is now stored on a virtual hub, the Cloud can be used without any concerns.

Better equipment

The entire oil industry has undergone a lot of change in the last few decades. Engineers are constantly working on designing better equipment for oil companies to use. Every new piece of equipment has for a goal to save time, energy or keep workers safer. It’s critical for these companies to buy new oilfield equipment and keep improving their operations anyway they can.

The rise of blockchain

Blockchain is a relatively new concept but it has the potential to greatly impact the oil industry. Due to this technology, we now have smart contracts that help improve trust among parties in the industry, allowing even bigger projects to be launched. On top of this, blockchain leads to significant improvement in land management, which is an important factor for oil companies, especially when you take into consideration that they represent millions of dollars worth of investments.

Devices becoming smarter

There’s no need to say that better data leads to better results. With smart technology on the rise, the way oil companies collect data has changed completely. There are more and more smart devices out there, and oil companies keep coming up with new ways to include them into their operations. Some of the newest smart devices allow them to gain better insight into every aspect of their work, from exploration to production.

Final thoughts

Technology has a huge impact on every industry but it managed to connect with oil business on a deeper level. It’s a technology-driven business and any new way to utilize tech in their operations can do wonders for oil business. The six trends covered in this post have already changed the industry and are expected to do the same in the future as well.

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