This reader covers basic information about oil and gas and the industry that extracts them. Vision 2040 global scenarios for the oil and gas industry 7 trends four trends were identified as determinant for the oil and gas industry when the years that separate us from 2040 are analyzed. Opec continues to constrain supply even as overall production keeps rising, possibly ahead of. Another 2020 oil market trend that you should be aware of is the major comeback of the natural gas sector. Most of these byproducts will be pumped back through the injection wells. The sensors market in the oil and gas industry is estimated to grow at a cagr of about 6.
Thats because natural gas is so affordable in north america due to its proximity to the permian and marcellus basins. In fact, the blockchain revolution is starting here and now. In the high oil and gas resource and technology case, domestic crude oil and dry natural gas production increases through 2050, reaching 1 9. Those days, however, appear to be over, at least for now. Ai, connected devices, autonomous platforms, vr and robotics are in demand. The oil and gas sector started 2020 in the media spotlight, with oil prices jumping after the us drone. To emphasize this point, emerson has identified six current trends in the. In light of the growing impact of the energy transition, is it inevitable that major oil companies will own utilities or other nontraditional businesses such as electric vehicle charging stations. The russian oil refining industry will undergo significant. The oil and gas industry natural resource governance. Elena mariotti, associate partner at ibm global business services, and subject matter expert in digital. The real task for the oil and gas sector is how quickly it can move to take advantage of the many opportunities that blockchain will bring. Liquefaction of natural gas is the process of supercooling natural gas to minus 260 degrees fahrenheit minus 162 degrees celsius at which point it becomes much safer and easier to transport. Rapid technological advancements coupled with growing focus toward distributed power generation technologies will drive the global industry growth.
Industry trends world oil online technology exploration. Respondents were oil and gas industry professionals including engineers, midlevel and executive management, business unit heads and staff, project managers and. Technology disruption in the oil, gas and chemicals industry is accelerating the pace of change and generating a. In 2019, prices of main energy commodities, particularly oil and gas, continue on the path towards. Transport ships will collect the oil from the fpso every 7 to 10 days and ship it to worldwide refineries. Subscribe to bain insights, our monthly look at the critical issues facing global businesses. The advent of the internet of things iot is changing the way to conceive distributed systems. Technology has caught up with the industrys needs but the industry still lags behind in leveraging these advancements. Although the oil and gas industry has always been volatile, there was nonetheless a comfortable predictability to the boom and bust pendulum.
The oil and gas industry should be afforded exactly the same competitive edge, not confined by their own data centers. Key 2020 trends for the oil and gas sector news for the. Create a profile to get full access to our articles and reports, including those by mckinsey quarterly and the mckinsey global institute, and to subscribe to our newsletters and email alerts. Technology how technology is saving the oil and gas industry technology is helping revive and transform legacy industries by creating efficiencies where needed. Otc announces its spotlight on new technology winners for 2020, russias ship has come in for nord stream 2, shell finds a cash buyer for its appalachian shale assets. How technology is changing the oil and gas landscape for. Accenture, the 2016 upstream oil and gas digital trends survey. Technology trends facing the oil, gas, and chemicals industry. Continental shelf ocs and in the broader oil and gas industry, at their core they all follow the same processidentify, analyze, evaluate, control, communicate, and monitor. Tech trends 2019 oil, gas and chemicals perspective deloitte. Digital transformation initiative oil and gas industry world. Intelligent interfaces combine the latest in humancentered design with leadingedge technologies such as augmented reality, amplified intelligence, smart infrastructure, and advanced machine learning models. The purpose of this paper is to consider the future of the oil and gas industry and the profound challenges that it is facing. This represents a big opportunity for oil and gas companies.
One technology set to transform the oil and gas sector is blockchain. The oil and gas organization of the future mckinsey. At the same time a number of trends will support oil prices. Part of pwcs 22nd annual global ceo survey trends series. Although oil and gas are likely to be major sources of. According to oil and gas investor, total upstream energy it support spending is about 25 cents per barrel of oil. Risk management for most offshore oil and gas operators begins with a multidisciplinary approach to. In the low oil and gas resource and technology case, domestic crude oil production decreases for most of the projection period, and. The hottest oil and gas industry trends of 2020 and how. Building growth strategies on shifting sands strategy made real. We are now entering a time of great change, with major societal, technological, and political trends reshaping the environment in which oil and gas companies.
Wearable technology is expected to be the next big consumer trend, with their impact similar to that of the smartphone, according to globaldata, a leading data and analytics company. The reengineering technology trend offers oil and gas company cios and their teams a roadmap for fundamentally overhauling it, from the top down and the. The enormous economic contribution of the oil and gas industry to many national economies makes its future of critical importance to the global community. Bain insights help executives navigate the shifting sands of the oil, gas and alternative energy markets. Nowadays, we can talk about iot and cloud computing to indicate a new type of distributed system consisting of a set of smart objects which are. Key wearable technology trends in the oil and gas industry. World economic forum digital transformation initiative. Oil and gas industry a new era for the oil and gas industry the oil and gas industry is no stranger to big data, technology and digital innovation. The annual upstream oil and gas digital trends survey is commissioned by accenture and microsoft. Gas turbine market growth analysis 20202026 industry report. Although the oil and gas industry has always been volatile, there was nonetheless a. The amazing technology disrupting oil and gas think.
An oil and gas industry example of this orchestration is digital oil recovery tm powered by foroil dor. Pdf the internet of things in oil and gas industry. Tech trends working in harmony digital oil recovery the theme of this years tech trends report is the symphonic enterprise, a concept that describes how multiple technologies can work together in harmony to create disruptive change. The increase in unconventional oil and gas production in the us serves as a good example. Digital transformation in oil and gas technology is rapidly shifting from being the legacy enabler to being a game changer. New technology has made it profitable to extract oil and gas from new places when prices are high. Mexico oil conservation division ocd adopted a new rule that allows the oil and gas industry to store and use recycled water in oil and gas production. Keywords trends, technologies, oil and gas industry. Taking into account the us oil production progress many analytical agencies lower their longterm oil price forecasts.
In the past, ot operational technology networks were walled off from the internet, but todays need for efficiencies and realtime decisionmaking obviate that liberty. Impact of new technology on oil and gas production. White paper digital transformation initiative oil and gas. The postdigital era is upon us are you ready for whats. Get ready to see natural gas become the most valuable resource for lowcarbon power generators next year. At present, there are a variety of technological trends and drivers in the oil and gas. Without largescale use of new technologies, oil production in russia will begin to fall in 20162017. Big data or big data analytics refers to a new technology which can be employed to handle large datasets which include six main characteristics of volume, variety, velocity, veracity, value, and complexity.
The oil and gas industry is no stranger to big data, technology, and digital innovation. Oil and gas companies that respond to the digital transformation toward efficiencies by building sustainable digital capabilities will be tomorrows winner. Gas turbine market size exceeded usd 6 billion in 2019 and is anticipated to grow at a rate of over 8% through 2026. Oil and gas slowing economic expansion is crimping demand growth for crude oil, although its likely to grow around 1. Get more details on this report request free sample pdf. Pioneering the way for a net zero future techx programme announces cohort 3. Thousands of oil gas wells are drilled each year in the united states, and data on the well costs are.