Experts see big data technologies continuing to play an important role in oil and gas operations. These tools can provide information on matters like machine reliability by assessing variables such as temperature, pressure, and vibration to paint an image of how well equipment operates under different circumstances. Throughout the production process, companies continue to develop tools, such as downhole fiber-optic sensors and chemical tracers, to collect additional information.
Emerging technologies will also play a critical role as many oil and gas companies shift from a factory drilling field development approach to more data-driven operations, seeking to increase the production efficiency of individual wells rather than focusing on large-scale drilling operations. Current technology investments reflect an interest in tools that improve drilling efficiency while lowering costs. These include devices that increase the accuracy of well lateral placement, in which discrepancies of as little as 50 feet can greatly impact oil and gas production.