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Oil industry future

The oil industry is always changing and evolving. Technology plays a vital role in the industry. If you can invent something that can be used in the oil industry, you will become very wealthy. Anything that can improve the speed, safety or amount of work done will be prized by oil industry companies.

For more on the future of oil see our dedicated site Oil industry Future.com/

Some people are under the impression that the oil reserves are running out. This is simply not true. Even in older fields like the UK North Sea, where exploration began in 1970, there is much more oil still in the rock compared to that already extracted. The UK sector of the North Sea will still have exploration rigs on it in 40 years time. It will have active production rigs there for considerably longer than that.

Thing is that the easy oil in the North Sea has already been extracted so into the future oil companies have to develop new ways to get at the remaining oil. They are also returning to old wells that had previously been abandoned after extracting all the oil possible at the time. Around the world, the amount of oil taken from any one well can be as low as one third. So part of the future of the industry will be about finding methods to go back to these wells and take out much more. This has already begun.

Oil giants like shell still invest hundreds of millions into the North Sea.

The future looks very bright indeed for anyone starting in this exciting industry.

See our dedicated site Oil industry Future.com/

<< Oil Industry

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