Oil is the most important resource in the world so far. Although oil demand continues to decline in some sectors, such as home heating and lighting, there are other areas where demand continues to rise. 

For example, in the field of transportation alone, the demand for oil is expected to rise from 81 million barrels per day in 2016 to 98 million barrels per day in 2030. 

However, many believe that peak oil , when production peaks and begins to decline, has come to an end. There are several new technologies that aim to change this situation and help the oil industry become more sustainable. 

Here are the top five ways to achieve it:

 

1. More efficient platforms and equipment

Equipment and platforms used in the oil industry are typically 40 to 50 years old, with many being used up to three times beyond their original useful life. 

Often these platforms and equipment are not optimally designed for today’s demand. More efficient designs could reduce the energy needed in production by up to 25%. 

With more flexible designs, the oil industry could better incorporate evolving technologies and innovations. For example, equipment designed to interact with artificial intelligence (AI) will have to have specific features to allow it to communicate with other machines.

 

2.Reuse of produced water and oil spills

Produced water is the water that is found together with oil in the subsoil. In a clean environment, it can be treated and reused in the oil production process. 

This can reduce the need for fresh water by up to 70%. Waste, such as water and CO2 removed during the process, can also be cleaned and reused.

 

3.New exploration techniques

New exploration techniques are being developed to optimize oil and gas production . New data selection and analysis methods, such as advanced imaging, are helping to select the best drilling sites. 

Artificial intelligence is being used to optimize the design of equipment used for drilling and mining. These techniques are expected to reduce the amount of energy and CO2 emissions needed for production by up to 40%.

 

4.CO2 capture and storage

Capturing CO2 from the exhaust gases of power plants and other production facilities and storing it in underground reservoirs could have a significant positive impact on the oil industry . 

This could reduce CO2 emissions from power plants by up to 70%, which is projected to increase as demand for electricity grows. The captured CO2 is injected into underground tanks, which are not used for any other purpose, and stored there. 

This allows CO2 to be kept out of the atmosphere, where it could cause significant damage to the environment. 

Future production from oil wells is difficult to accurately predict , so the industry often has to be over-prepared for any sudden changes in supply. 

New technologies, such as virtual reality, can greatly improve forecast accuracy by making it easier to reproduce actual conditions in the laboratory. 

With virtual reality, companies can also make their production processes more efficient. Also, scientists can create and simulate entire oil fields and make calculations on them. 

This can help them discover problems and make decisions about them before they occur. VR can also be used to train new employees. This can help them better understand complex processes and reduce the risk of errors during their work.

New technologies and innovations hold great promise for reducing the industry’s carbon footprint and cost of production. The only question is how quickly these technologies will be adopted. 

If the industry can move fast enough, it could continue to be an essential source of energy for the world for the next 50 years.