2016 Predictions for the Oil and Gas Industry


As another year of low oil prices and strategic shifts comes to a close in the oil and gas industry, executives are laying the groundwork for what’s next in 2016. In the past few years, the industrial internet of things (IIoT) has been a dominant technology trend and transformed the way organizations evaluate asset value. Many oil and gas companies have invested heavily in sensors and connected machines to drive more informed decisions and reduce risk with enhanced maintenance and increased efficiencies. But too much data – or data overload – is a real challenge for all organizations.
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Proved Oil Reserves the Real Story


In December 2014 the Energy Information Administration (EIA) released its latest estimate of U.S. Crude Oil and Natural Gas Proved Reserves. Although natural gas reserves rose, the real story was crude oil reserves. The EIA reported that U.S. proved reserves of crude oil and lease condensate had increased for the fifth year in a row, and had exceeded 36 billion barrels for the first time since 1975:
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Oil Prices: How did we get here and where are we going? – Part One


“It’s difficult to make predictions, especially about the future”

     

  • Attributed to everyone from Niels Bohr to Yogi Berra

 
A barrel of oil today fetches less than $50, when only six months ago oil traded at over $100. How could such a drop in prices not have been anticipated? Actually, it was!
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Oil pricing: Is this a ‘new normal’?


After three years of US$100-plus crude prices, some in the energy industry were caught off-guard when prices declined by 40 percent in the fourth quarter of 2014.
 
A glut of supply – including record production from unconventional development in the US – and slow-growing demand put a quick downward pressure on prices.
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