UKCS Investments On the Rise
North Sea operators and contractors are investing across people, R&D, technology and new markets to support continued growth, said a new report.The 30th Oil and Gas survey, conducted by Aberdeen & Grampian Chamber of Commerce in partnership with the Fraser of Allander Institute and KPMG UK, pointed out that around 45% of contractors have increased investment spend in the UK Continental Shelf (UKCS) in the past 12 months.Almost half (47%) report they have either started to use artificial intelligence or will do so in the next five years.The survey highlights a welcome trend in R&D investment with the highest proportion of firms reporting…
Fossil Fuel Recovery to Benefit from New Technology
New York - Considerable investment is being ploughed into oil and gas enhanced production services in the hope of increasing production efficiency in a market in which global hydrocarbon consumption is only expected to increase, according to market intelligence experts GBI Research. The new report shows that the application of enhanced production techniques, such as the artificial lift technique in upstream production processes, and sand control services, will considerably improve the percentage recovery of oil and gas from onshore and offshore reservoirs. Artificial lift services picked up the pace in 2011 as a result of increasing oil and gas demand, which brought about the need to enhance production above levels achieved from naturally flowing reservoirs.
