The oil and gas industry has been around for more than a century, and it continues to be one of the world’s greatest money makers. But as the world attempts to wean off of its dependency of fossil fuels and focus on renewable energy, oil and gas must adapt. So, how can it do that? Well, as silly as this sounds, the industry needs to focus on drilling smarter, not faster. And that means adapting to today’s technology and resources.
Blockchain
Blockchain has to be one of the most thrown-about buzzwords in recent memory. At its most basic definition, blockchain is essentially a virtual ledger of data as it occurs chronologically. Once data is input, it can not be changed, and the blockchain is not governed by any sole source. It can be viewed by anyone with access and cannot be changed. It is incredibly transparent. And it is impacting oil and gas in a major way.
Blockchain will streamline the processing and management process in a variety of aspects within the oil and gas industry. This is especially welcomed by the industry considering just how much data is transferred within the sector. Having a safe, unchangeable ledger of transactions can lead to smarter authentication and better accountability.
Renewable Energy Will Rise
As previously mentioned, the world is focusing its attention on renewable energy resources. We are still a ways off from becoming fully dependent on renewable energy, but we are slowly working towards it. And oil and gas will simply have to adapt. Instead of being the leading source of the world’s energy, fossil fuels can continue to be used for other needs, such as the creation of hydrocarbons or sophisticated polymers.
Digital Transformation and Implementation
As is the case with a bevy of industries, technology is changing the landscape. Companies and industries are well aware of this and must be willing to play ball. And these changes don’t necessarily need to completely change processes and remove legacy systems. These changes can come in the form of software updates, as opposed to hardware. Change and adapt your financial filing system to a digital one for streamlined communication and efficiency. This can help extend the life of your older hardware and allow you to save money in the long run.
Oil and gas isn’t going away any time soon, but it will be changing. That is an unavoidable fact. And so, it is up to the leaders of the sector to adapt or fall. It will be interesting to see the state of the industry in the coming decades.