New Approaches to an Old Industry – Smart Oil and Gas Field of the Future


While oil and gas prices fluctuate with the latest economic report, the challenges facing companies extracting those fuels are less volatile. Instead, those challenges could best be characterized as complex and well-known.
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Oil Demand and Well Decline Rates Ensure Strong Outlook for Oil Industry


Primary energy consumption continues to accelerate globally despite several years of slow economic growth. With increased consumption, production of oil continues to grow surpassing record level of 90 million barrels per day worldwide. Not only does the oil industry need to produce more to meet ever increasing demand, it also needs to overcome existing well production declines. All active wells ultimately decline in production as resources are tapped, though there is an opportunity for technology to slow or in some cases even temporarily reverse those decline rates. In addition, as existing wells decline, more and more new wells need to be drilled to keep up with demand. Offsetting of oil decline rates for both existing and new wells, therefore, is high on the industry’s agenda for good reason. It is a critical factor to understand future trends in the oil industry.
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Where Oil and Gas Starts, Development Follows


Everything is bigger in Texas, including energy production. Texas produces three million barrels of crude oil each day, making it the largest oil producer in the United States and the eighth largest producer in the world. The Lone Star State also produces almost 30 percent of all U.S. natural gas, and is the third largest producer of natural gas worldwide.
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The U.S. Economy gets a Lift from Energy


The economy expanded at an upwardly revised 4.2% in the second quarter. This is a good sign after the first half of the year averaged less than 2% growth. Since the dismal first quarter, the economy seems to be improving.
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