Oil exploration and drilling is a very complex task. After lots of trials and errors, you may get your desired result. Innovations in technologies make the oil exploration task easier and more cost-effective. Here are the latest technologies available in the field of oil exploration.
Use of software and sensors
Software and sensors can be used to find the exact location where the right amount of sand, chemicals, and water can be used to get maximum volume of oil that can be produced.
Use of microbes
Some little organisms are present in oil fields that are flooded with water. These microbes can be used to maximize oil production. A special nutrient mix is made for the microbes. This stimulates them to get attached to oil and they start breaking it up making it easy to flow between rocks. This way more oil can be extracted.
Use of laser technology
Laser can be used to find out drill locations. There are oil deposits in the shale formations under the water. Photons from the laser will bounce back from these rock formations and help to find out the appropriate location for drilling.
Simulation technology can be used to increase production. The way simulating fluids interact with rocks can help to determine where to drill. Combining this technology with the advanced drilling capability lets increased production of oil.
Many oil companies are adopting these technologies to improve their exploration and drilling process. These technologies have improved oil production significantly and reduced the cost of production also.
The oil and gas companies across the globe are trying hard to find energy solutions to meet the demands of the customers. They are exploring seas in order to find a new source of energy. However, there are a number of challenges that these companies are facing today.
1. Drying up of well
The wells are drying up fast. Finding new sources is difficult as you need to drill really deep in order to find a source of energy. Drilling deep underground is not an easy task. You need the latest technology and an expert team to handle the task.
2. Government pressure
When exploring for energy sources it is important to consider the environmental impact of the operation. The government is creating pressure to reduce the carbon footprint. The government has given carbon emission targets and companies may have to find new ways of exploring in order to meet those targets.
3. Maintaining safety standards
It can be very dangerous to work on oil rigs. Oil and gas companies have to maintain strict safety standards so that their employees are not harmed. The companies also need to be careful not to harm the environment and the marine life while conducting their exploration activities.
Many companies are finding it difficult to overcome these challenges. It is making exploration more costly. Companies are constantly trying to find out ways to reduce the cost of exploration, at the same time maintain all the strict regulations of this industry.
The oil and gas industry is one of the major contributors to Canada’s economy. However, the industry is no longer the same. There have been issues of high price and strict government regulations that have affected this industry badly. Though the price has dropped and the government regulations have changed, still the industry is unable to get back to its original state. Here are the major reasons why Canada’s oil industry is affected.
There is a huge demand for oil and gas across the globe. However, due to limitations of exploration activities, it is hard to find new energy sources. So, supply cannot meet demand. The price is still up and it’s creating a big problem for the oil and gas industries.
Lack of investment
The process of exploration, setting up production and refinery plants can be very expensive. Due to the high price of oil and difficulties in exploration, it is difficult to encourage investment.
Due to the carbon emission factor, many people are thinking of an alternative source of energy. So, in the future, oil may not matter to people anymore. They will shift to other forms of energy to protect the environment.
If the situation doesn’t change then the oil industry in Canada will be severely affected, and as a result, the county’s economy will see a downturn. The oil companies must find out a way to survive.