A number of oil and gas companies are looking forward to reinventing themselves by practicing capital discipline, transforming business models, focusing on financial health, and committing to climate change. Paul Favret mentions that the choices made by oil and gas companies in recent years, and the trends prioritized by them, would considerably impact their path forward and resonate in their decision-making through the coming decade. Paul has been associated with oil and gas energy for decades, making him a great candidate to share insight into the topic.
Oil and gas companies across the world today are accelerating digital transformation, focusing more on sustainability, pivoting to modern business practices, and updating their operating practices. Here are a few key oil and gas industry trends:
- Target infrastructure: Even though infrastructure has always been among the larger elements in the oil and gas domain, it has not received as much attention as needed until recently. An increasing number of companies are not putting more investments into their supply and logistics. This investment encompasses processes and components of the oil and gas sector outside of just extraction. Rather, more companies are putting the focus on improving and repairing their existing networks to make operations smoother. This allows oil and gas companies to boost their capacity, while simultaneously delivering products at a faster timeframe.
- Focus on sustainability: Even though a large number of consumers believe that sustainability is just the area of solar and wind energy, so is not really the case. The oil and gas industry has been putting increasing emphasis on sustainability in recent years. The financial pressures from competing companies dealing with renewable energies, as well as evolving consumer expectations have played a major role in boosting this trend. Many oil refineries today work on the recycling of hazardous materials or oil reclamation. Oil and gas companies also try to explore sustainable solutions for managing oil-bearing secondary material streams.
- Use of wearables: Employee safety is among the biggest concerns for any company belonging to the petroleum industry. A variety of modern innovations are being used in the industry to maintain and exceed high safety standards, wearables being one of them. Devices like augmented reality headsets allow workers responsible for inspecting dangerous areas to do their job without the need for a physical presence. They can simply use the smart headset device that allows them to inspect whether a certain area is safe enough before entering into those zones safely.
To know more about the important oil and gas industry trends, one can always contact experienced professionals belonging to this industry, such as Paul Favret. Paul was the CEO and founder of Source Energy Partners. This is a Denver based exploration and production corporation that is majorly focused on high-impact resource possibilities in Colombia (presently LaLuna Resources), Europe, and the United States.
