GlobalData’s latest thematic report, ‘Extraction Technology,’ suggests that the process of oil and gas extraction largely revolves around the technologies essential for bringing oil to the surface.
Extraction technologies vary depending upon the type of terrain in which the reserves are located, leading oil and gas companies to develop newer ways to produce hydrocarbons economically. The development of advanced drilling techniques, including horizontal drilling and multi-stage drilling, is reducing the time it takes to drill new wells while also enabling production from reserves that were previously deemed to be inaccessible, as with the extraction of oil and gas from shale formations.
Adoption of high-performance computing for analysing large data sets in real-time is improving the efficiency of the production process and allowing producers to reduce costs. Robotics and artificial intelligence (AI) technology are further enhancing the on-field productivity of production platforms while also improving the safety of workers and equipment.
Enhanced oil recovery (EOR) techniques are also playing a vital role in oil and gas extraction, as they greatly improve the recovery rate from mature fields, thereby further extending their economic value. The scope of EOR is gradually increasing as these techniques are now being considered during the field development phase itself to further enhance the performance of new fields.
As oil and gas production from many of the easily accessible reserves at onshore and continental shelves is reaching its peak, oil and gas companies are drilling deeper wells and venturing into deepwater in search of newer hydrocarbon reserves. This is further adding to the need to develop innovative extraction technologies that would enable oil and gas production that is both profitable and has a negligible impact on the surrounding environment.
GlobalData’s thematic research identifies Saudi Arabian Oil Co (Saudi Aramco), Gazprom, Rosneft, China National Petroleum Corp (CNPC), Exxon Mobil, and Royal Dutch Shell are the global leaders in extraction technologies.