How Tech Can Help the Oil & Gas Industry
The Future of the Oil and Gas Industry may just need Tech. Oil & Gas industry is divided into 3 segments; upstream, mid and downstream. All three segments involve a different stage in the Oil and gas supply chain. Upstream involves exploration and production. Midstream involves transportation of the raw material to refineries. Downstream is where the raw materials are processed into the finished product that people rely on and utilize daily.
With all these different intricate segments of the oil and gas industry, companies will want to ensure their systems, policies and strategies match the current market. So they can offer a competitive value against their competitors. With the continuous advancements in technology and communication, companies aim to use all the IT and marketing tools that improve their competitiveness.
So, we intend to break down how the industry works, how the use of technology can help companies in the oil and gas industry.
Oil and Gas Industry Overview
Today, many people are becoming increasingly interested in how the oil and gas industry works. Oil and gas are considered to be two of the most important sources of energy that we currently have. Both play an integral role in the functioning of the global economy and are indispensable resources in many industries. Many industries and companies depend on oil and gas for operation. They would not be able to deliver products and provide adequate services.
There are six main uses of oil:
- Industrial energy
- Heating and lighting
- Use of by-products
- Petrochemical industry
It is easy to see the impact that these raw materials have on industry, commerce, and our daily lives. But, this resource represents a large part of CO₂ emissions which we should consider when discussing sustainable development and environmental care. In light of this many companies are adopting different strategies in the production process to meet the required standards.
Renewable Energy? The Transition of Large Oil Companies
One of the options that these companies have to mitigate the emission of CO₂ gasses is green or renewable energy. This is a good alternative that makes the future of the oil and gas industry favorable. However, making these changes require a large initial investment, up to three times more capital than hydrocarbons. This results in many companies choosing to reduce their investments in renewable energy because they want to generate quick returns for shareholders.
Imagining a sustainable future with renewable energy is possible. It will be a matter of making changes in energy management and processes to achieve more traction in the industry and subsequently steer the oil business in a direction where more and more companies opt for renewable energy to continue to develop a more sustainable market.
Importance of Software Development in the Oil and Gas Industry
To continue developing the processes that allow technological advancement and oil and industry growth, software development is a necessity for many of these companies and they are an essential component to stand out from the competition.
One of the reasons it is necessary to have good software developers is the technological level that the manufacturing system must have and its constant monitoring to maintain good security in all processes. Many investors are looking for talented software engineers who can offer concrete solutions to problems related to the technology platforms that their company owns.
The development of customized software based on oil and gas companies’ needs is of great help in being able to respond quickly to specific situations that often present themselves as emergencies. A good developer must be able to identify potential problems and fix them quickly, as these circumstances can lead to large-scale losses if they are not fixed in time.
We must consider that the oil and gas industry is constantly changing, so as new technologies develop, it will be necessary to adopt new trends and hire more trained developers to meet these needs. The sustainable future of this industry will depend heavily on how the different problems related to oil and gas sustainability are solved. As such, we consider that work and job opportunities regarding software development will increase in the future.