As Energy Needs Change, What Role Does Tech Play in the Oil Industry?

Oil Industry

Everything in the world economy is changing right now. This adjustment in perspective will have a dramatic impact on energy needs concerning both short and long term perspectives. Though technology is on pause right now in terms of experimentation and implementation, that doesn’t mean that when things reset, it won’t play an outsized role. Specifically, regarding the oil industry and energy requirements, where do big business and technology companies fit in?

Though there is no right answer to this question, there are many very interesting themes that a business person could potentially ride to get to the desired goal. A few examples will help you think about this matter more deeply. Offshore oil rigs are a big part of energy production. The move toward electric vehicles will make a difference in what kind of oil production is required worldwide. And then there is the matter of fracking and natural gas reserves that are being tapped into to make different countries rely less on other energy sources. All of these references are complicated by changes in the world economy, but ultimately, everything has to find a balance.

FPSO Stations

A unique and specific intersection between oil and tech industries happens when companies start utilizing FPSO stations. FPSO stands for ‘floating production, storage, and offloading.’ This is a very accurate description of what these stations do. Initially conceived in the ’70s, these offshore stations use the latest technology to work with oil reserves out in the ocean. Specifically concerning technology, safety and efficiency are the two most important aspects of projects, and the reason that so much emphasis and prioritization are on offshore drilling pieces of equipment is that there is less risk out on the high seas.

Electric Vehicles

Energy requirements are also going to change as the emphasis on electric vehicles increases. The threat of global warming is high up on the mind of car making companies. Carbon dioxide emissions are potentially straining our environment in unknown ways. To help combat this, companies are trying to produce efficient electric vehicles. In this way, the energy requirements for gasoline-powered engines are going to go down, and the energy requirements to produce electricity are going to go up. This kind of balance is going to be very important when it comes to actual energy consumption as well as how different products are going to be marketed.

Fracking and Gas Reserves

There’s also the potential for energy needs and requirements to change based on natural gas reserves. To illustrate this, consider that the US is exploring fracking on a much deeper level in recent years. Because of this, the price of natural gas has gone down and the US’s reliance on foreign oil has gone down. These economic circumstances come together to provide a unique situation for energy producers and distributors around the world.