With tons of advancements in the field of science and technology, the oil and gas industry, too, could benefit greatly from it, eventually causing great benefits to the economy worldwide. Unfortunately, unlike other industries that openly inculcate modern technology in their operations, the gas industry has not been doing the same. However, this industry does hold immense potential to improve its current practices and product delivery.
The gas industry suffers from various challenges and problems that technological advancements can overcome. Go over this article to understand more about how technological advancements would improve the current gas industry.
Gas Industry Problems and Challenges
The gas industry has its own problems, issues, and challenges. Some of them are minor, while others are major problems, lagging in their growth and development.
Fuel like oil and gas are not just found lying somewhere, ready to be used. Its industry has elaborate supply chains with multiple steps and processes being required to get the final product. These include Exploration, Production, Refining, Marketing, and Selling.
Each step has its drawbacks during work and different problems that have to be addressed individually.
Massive Infrastructure Required
The supply chains of the gas industry require a large area for the work to be done. Be it either drilling the land or installing materials for extraction like pipes, to storing the extracted products, everything requires a large sum of investment.
Difficult to Reach Areas
Minerals can be found anywhere in the world, from the hot deserts to the freezing Antarctic, to even the depths of the seas and oceans. Exploration has to be done to find oil and gas reserves; a lot of times, reaching these areas gets next to impossible.
The gas industry has countless risk factors since a small mistake can cause massive damage to mankind. Therefore, having proper safety throughout every process is essential, which again has its own set of requirements and hurdles.
Gas Industry Technological Advancements
The latest technological advancements help reduce and solve the problems faced by the gas industry.
AI and robots are of great help to humans. Tedious and risky jobs such as drilling for fuel could be done through automation which would not only be more efficient, it would also help in keeping humans safe and protected, and would also allow reaching and exploring remote, inaccessible places.
New and better techniques for fuel exploration and extraction, such as the ESP oil and gas method, allows improved and better-quality pumping of fuel to the surface. This allows manufacturers to get high-quality fuel with ease, and that too, in a shorter amount of time, saving on labor, power, and energy. Thus, it also helps in improving fuel prices for the consumers as well, improving the overall economy simultaneously.
GPS technology allows a company to know the exact location of their workers and other employees as well as their expensive equipment. All this can be easily tracked even at far-off places.
This helps companies ensure everything in their processing is going on fine and even keeps them notified about the work progress. Any damaged machinery or part of the equipment can be easily tracked and either repaired or replaced, depending on the need of the situation. All the data remains safe and confidential, helping the business expand and grow in the future.
Technological advancements allow for research and logistical improvements in the gas industry. Different companies can find solutions to various problems they face in the industry and overall improve the quality of work by connecting. This provides efficiency to the overall supply chain.
The incorporation of the Internet of Things (IoT) is a great way for the gas industry to stay on top of its system and machine information. This would allow the company to know how well their machines are working and can even predict their failure, saving time and tons of money by replacing them beforehand only.
The industry can suffer thousands of dollars’ worth of losses if production stops even for a short time. Thus, IoT helps prevent this from happening and even allows the company to make intelligent business decisions.
Our world revolves around the oil and gas industry. Making use of the latest research, developments, and advancements would improve the fuel industry to a great extent and would help reduce and solve a lot of problems that it faces.