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Final Essay

974 Words4 Pages

Since past decades oil and gas have played a fundamental role in supporting our lives. They supply more than 60 percent of our nation’s energy in terms of fuel, shelter and it generates electricity that powers our daily lives. The technology to extract these resources is a key to survive and these technologies are changing over time in oil and gas industry. New technologies are making the operations to be easier and accessible to those regions which are located beyond the control. Nowadays, natural gas and oil industry is maintained and developed by innovation and technology. It has dramatically changed the method in which oil and gas reserves are identified, developed, and produced. Advancements in technology have also improved environmental …show more content…

Companies with strong technology balance consider as an opportunity to acquire companies and technologies at discounted prices. Due to "wait and see" attitude and higher cost producers, capital expenditure started to decline until there is some stability with oil prices. However, that will be an offset caused by backlog in completed wells and it will maintain cash flows. Measurement-while-drilling and logging-while-drilling tools help oil and gas operators to improve accuracy of location where well laterals are being placed. In some cases, 50 feet can make a huge difference and it can be five percent return or a 40 percent return. This accuracy helps companies to achieve maximum resources in the upper and lower bench of the Eagle Ford shale …show more content…

The development era last for many years, given the huge acreage positions companies have accumulated.Since2003, North America become an investment location due to unconventional, deep-water, tight and heavy oil resources. Unlike in the past, the oil and gas industry now pay attention to emerging technologies from adjacent industries. Focusing in initial investment like Hydraulic fracturing technology and production process such as micro seismic, chemical tracers, downhole fibre optic sensors and temporary insulation to bolster production recovery from wells is more productive. Onshore shale producers have more operational freedom due to greater number of wells and shorter life spans when compared with Deepwater wells unlike offshore conventional, where operators are more averse to take new

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