Tech Tuesday | Future of Petroleum Industry
Although there is hype around electrical vehicles, internal combustion engine will remain primary engine in automobile industry due to its efficiency, power and reliability. There are concerns that oil reserves will finish in another couple of years, which is again a fiction rather than fact. Oil companies still recover only 30 % from existing reserves due to various techno-economic reasons. If recovery factor increases by another 5%, it implies recovery of crude worth billions of dollars and reserves for another several decades. There are still huge reserves of Oil and gas present inside earth, which is sufficient to meet of our requirements for decades to come. The need of hour is use of advanced technologies related to data acquisition, interpretation and automation, which can reduce the cost of production of oil and gas. Next gen technologies like AI, ML, cloud computing and robotics can help in exploration and production of hydrocarbon. Digital transformation of this sector is in pipeline.