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International oil companies (IOC) and national oil companies (NOC) are both competing and cooperating for the constant race to recover hydrocarbons. Oil and natural gas will continue to comprise a sizeable, and growing, share of the energy source mix that includes coal, nuclear, hydroelectric, solar, and wind. Technology advancements, more stream-lined operational processes, and the emergence of unconventional shale in the US, oil tar sands in Western Canada, and an increasing reliance on deepwater offshore and subsea fields have led to a surge in oil & gas production that began to exceed demand in the middle of 2014.
The global upstream oil & gas segment has been suffering an unprecedented downturn for more than two years, which has seen CapEx reduced by over $700 billion since the summer of 2014 and well over 100 companies filing for bankruptcy. Layoffs exceed 350,000 people, and a growing wave of consolidation in the upstream segment has also created an environment in which companies are being forced to embrace automation and new technologies, such as oilfield operations management systems (OOMS) to survive.
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Keywords: Production Operations Management & Monitoring; Production Optimization & Allocation; Production Analysis and Diagnostics; Production De-sign, Simulation and Modeling, ARC Advisory Group.