Oil and gas upstream industries and crude oil prices determine the global market for well-intervention services.
FREMONT, CA: The oil and gas industry is experiencing rapid technological advancements. New innovations are being introduced into the oil and gas industry to maximize recovery rates. In addition to well intervention, these innovations cover other aspects of the process. Well-SENSE Technology achieved a breakthrough with its FibreLine Intervention (FLI) technology. The FLI performs Distributed Acoustic Sensing (DAS), Distributed Temperature Sensing (DTS), or Distributed Pressure Sensing (DPS) to collect well data.
New-generation, automated drilling rigs: The global crude oil price slump has reduced exploration spending. Upstream oil and gas companies must improve operational efficiency due to the decline in crude oil prices, which continues to shrink their profit margins. Oil and gas upstream companies can take advantage of digital technology to improve operational efficiency and increase margins.
The digitization of data will facilitate enormous recording quantities of information, comparing them with other fields, rigs, and historical data, and allowing for effective decision-making. Downhole drilling tools and surface equipment are equipped with digital sensors in new-generation rigs. Real-time data is transferred using the software to increase penetration rate (ROP) and accuracy. The software can automate the mechanical processes of gesturing by connecting the drilling process to the surface equipment digitally.
Laser drilling in the oil and gas sector: Drill bits and drill pipes have been the traditional method for drilling in the oil and gas industry. Laser drilling offers many advantages when drilling through hard formations, including increased ROP, improved accuracy, precision drilling, a single-diameter borehole, and a reduction in drilling time. Drilling with lasers saves a great deal of energy since it consumes less power than drilling rigs.
