7 ways the Oil and Gas Industry is Making Better Use of Sustainable Technologies

1. Better use of data

According to a research by McKinsey, average, offshore platforms run at only 77% of their maximum production potential. To overcome the complexity of oil and gas process and operations, appropriate data analytics systems and tools should be implemented. This can generate fast and positive results of as much as 30-50 times the original investment while also scaling down environmental repercussions by lessening bottlenecks, accidents and wastage.

2. Reducing the usage of water

Water is a crucial component in numerous oil production processes, from fracking to separating oil from other elements found in oil sands. Huge amounts of water are being used daily, and while the global oil and gas industry manage to recycle 80-95% of this water, companies are reviewing this process to decrease the usage of water.

3. Increasing water recycling efforts

In order to reduce the usage of water, more oil and gas companies are searching for more efficient methods of recycling and reusing water for their operations. As such, there are increasing ways by companies focusing to use non-potable water that are not safe for human consumption but are safe for commercial and industrial uses.

4. Reducing methane leaks

The mitigation of methane leaks is favourable as it helps to reduce costs for the industry. Advanced and readily available technologies in the market helps to eliminate venting and flaring of natural, which in turns help to better manage methane. Most measures are able to be implemented at negative or low cost.

5. Used oil recycling

More companies are utilising small-scale waste-oil micro-refinery units that transform used oil into diesel fuel. Not only does this approach produce fuel for ongoing operations, it’s also a cheaper option as compared to more traditional oil disposal methods.

6. Streamlining and improving operational processes

The choice of cost-efficient process can help improve the industry’s overall sustainability significant. For instance, advanced ultrasound technology allows companies to create 3D images of the interior of oil wells, and this leads them to make more informed and cost-effective production decisions. By improving the efficiency of ongoing operational processes by even a small fraction, oil and gas companies are able to reduce cost and energy consumption, overall contributing to the decrease in the industry’s carbon footprint.

7. Creating digital oilfields

The dynamic pace of digitalisation of the oil and gas industry has led to the creation of the digital oilfield, which supports the monitoring and analysis of all operational data through cloud technologies and big data. This in turn helps companies to make safer and more sustainable decisions.