Challenges for the oil and gas industry

There are certain challenges that continue the face the oil and gas industry to this day. These issues definitely would still be relevant in the future when a new set of minds are put the task at solving them. Below are just a few off the top of the iceberg that continues to pry away at the minds of top companies in oil and gas.

1. Financial Viability for the Development of Deep-Sea Projects
As of now, it has become incredibly hard to predict the future of the energy demand due to several factors involving the uncertainties on the supply side of oil and shale gas production along with different factors that continue to affect the demand for oil and gas in major importing countries.

 

2. The Uncertainty of the Use of Oil and Gas
Due to short-sighted trends, the uncertainty of the geopolitical landscape as an enabler for new sources of energy has become even more unstable as countries such as Iran have stated that they believe that oil and gas should be used for purposes that do not harm the Earth. To successfully tackle this, the energy source for transportation will need to be developed.

 

3. Innovating and shifting cost-effective models
Currently, the oil and gas market are both playing catch-up with the rapidly developing market. The need for a reset to the productivity and cost base is absolutely necessary in order to produce its resources economically. There is always a need for productivity improvements and oil companies need to supply this productivity through improved models to manage more projects and operations.

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