How the Oil and Gas Industry has Evolved Over the Years
The first successful oil drill was made by George Bissell and Edwin L. Drake in 1859. Suffice it to say that since then, the oil and gas industry has gone through a substantial amount of change in an effort to become more efficient and productive. With so much competition, staying ahead of the curve in the oil and gas industry is more important than ever. So what are the biggest changes that have occurred in the oil and gas industry over the years? Today, RTS Corporation will explore some of these changes.
The Development of Offshore Drilling
One of the biggest advancements in the oil and gas industry has been the exploration of oil wells at sea. First developed in 1891, offshore oil wells have become a very common method of producing oil. Currently, about 30 percent of global oil production occurs offshore.
Technology and Data Drives Change
Over recent years technological advances and new data analytics have had a huge impact on the oil and gas industry. Supercomputers, seismic imaging, and nanotechnology have allowed oil companies to improve their ability to find new wells. Drones and equipment sensors have improved the monitoring and maintenance ability of engineers. Being able to preemptively perform maintenance on critical components has saved the oil and gas industry billions of dollars. Engineering manufacturers are driving mechanical technological advances that improve the performance of machinery and lessen the chance of mechanical failure.
Data analytics has become a huge factor in the success of companies in the oil and gas industry. Successful companies are improving their ability to collect insight and uncover value in areas they lack. For example, traditional oil and gas companies would analyze information on a well-by-well basis. With the interconnectedness of the oil and gas industry, companies are pooling data to uncover inefficiencies and deliver additional value to their businesses.
Success in the Oil and Gas Industry Requires Partnership
At RTS Corporation, we provide OEM equipment and engineering services for the oil, gas, and power industry. Our partnership with a large number of original equipment manufacturers provides our team a unique insight into mechanical technological innovation. Some of these manufacturers include Hudson, Flender Graffenstaden, Kingsbury, Cavex, Welter, and Oeltechnik. If you are looking for an invaluable resource for your engineering project, we would be happy to discuss it with you. Contact us at 203-459-9835 to talk to one of our experts today.
