Dr Carole Nakhle, CEO of Crystol Energy, authored the Newsweek Vantage thought leadership on New Technological Frontiers in Oil and Gas, based on a global survey of energy professionals at senior executive and management level, who are working at enterprises that have strategic interests in the oil and gas industry. The respondents cover different segments of the oil and gas value chain which, through a range of inter-linked activities and processes, transforms the below-ground petroleum resource (in itself not of much use in its raw state) into useable and valuable end-products.
The survey was conducted in the first half of 2018 and focused on the following three areas:
- The type of technological innovations the oil and gas industry is pursuing;
- The drivers behind such a pursuit; and
- The implementation challenges and how they can be overcome.
The findings confirm that the history of the oil and gas industry is one of continuous adaptation and innovation. The survey reveals that oil and gas companies are investing in technologies that help them, first, to improve the efficiency and competitiveness of their operations while reducing their environmental footprint and, second, to develop new products to better adapt to the global energy transition into a greener, cleaner future.
Advances in technology, particularly digitalisation, are offering a large new set of opportunities for oil and gas companies to meet their aspirations. However, the human factor is most important when it comes to implementation: With no clearly articulated company strategy, successful implementation will be limited. Similarly, if government regulations are not ready and if market forces are not harnessed, the deployment of technologies will remain constrained under such conditions, even if those technologies have been successfully tested and implemented elsewhere.
Download the report here.
“Newsweek Vantage Report Finds That The Hydrocarbon Industry Continues To Evolve Rapidly Using Transformative Technologies”, Press Release, CISION PR Newswire, Oct 2018
“The Impact of Digitalisation on Employment in the Oil and Gas Industry”, Access for Women in Energy, Oct 2018