The Future Of The Oil Industry Lies In Technology

If you look at the era now known as the Anthropocene, the period of time that humans like you and me have inhabited the earth, then serious technological advances only came about relatively recently. If you were to map it on a graph, you’d see a sharp rise in new technologies around the time of the Industrial Revolution, and then an even steeper, seemingly exponential climb from the last century onwards. In other words, technology has advanced at a remarkably quick rate over the past hundred years or so. It shows no signs of slowing down anytime soon.

If you look at when our species first cultivated lingual capabilities, you’re looking at 50,000 years ago or so, but it’s only under a century since we first put man on the moon. To live in such an age is to be blessed and we need to make the most of it. The oil industry has had a turbulent time of late, what with the Coronavirus pandemic and all, but new technologies are continually helping to shape its future in exciting and innovative ways. The team here at TriStone Holdings Ltd, a UK oil investment company, wanted to examine some of the most noteworthy bits of industry tech out there at the minute.

Smart Pipelines

The chances are, if there’s a product out there, you can get a ‘Smart –‘ version of it. What started with smartphones has extended to smart lights, smart fridges and even smart lawnmowers. On a more serious note, however, any opportunity for such digital streamlining should always be welcomed, especially from an investor’s standpoint.

Pipelines are the latest infrastructural component that look set to get a digital transformation over the coming years. Last month, Tri-D Dynamics (a Silicon Valley tech firm) signed an agreement with Japanese steel firm Marubeni-Itochu Steel Inc. (MISI) to develop smart pipelines. “What is a smart pipeline?” I hear you ask. Well, they involve electronics and embedded sensors that will provide accurate digital tracking within the pipes.

Oil investment companies are constantly looking at the market to see where areas can be optimised; the infrastructural side of things has always been something of a pain point. To see companies like these implement such innovative solutions shows just how much the industry continues to modernise.

Wearable Exoskeletons

Sounding like something straight out of a sci-fi blockbuster, these robotic suits are very much a reality. The Guardian XO full-body exoskeleton by Salt Lake City-based robotics firm, Sarcos, is set to launch commercially this year. Though it looks futuristic, the problems it’s set to solve are very much present-day. With potential applications including everything from warehouse work to construction, the O&G sector falls very much in the wheelhouse of the XO’s abilities.

Requiring only limited training, and easily entered and exit, it can easily lift 200lbs’ worth of weight without breaking a sweat. In what’s still a labour-heavy industry, in spite of increasing automation, suits like Sarcos’ might be commonplace on rigs in the not too distant future. With annual suit rentals expected to currently come in at around the $100,000 mark, they’re (unsurprisingly) by no means cheap.

Digital Twin Technology

Digital twins are a somewhat abstract concept. It’s a virtual representation of a physical process. They’re used by scientists and engineers to run simulations prior to actual physical devices being built. They’re cost-effective and tease out problems before they’re actual, real-life problems. This technology is already seeing adoption from some of the globe’s largest players, including Equinor and BP.

At the minute, it’s mostly being used in the design of offshore platforms. It’s also able to help streamline processes and improve levels of production. It’s no surprise that oil investment companies such as ours take interest in technology like this; it promises to iron out potentially troublesome kinks in processes – smoother processes in turn contribute to smoother financials.

Contact TriStone Holdings Ltd

Technologies once restricted to the confines of the imagination are now becoming reality. As with so many others at the moment, the oil industry remains in a relatively volatile position thanks to COVID-19. New technologies like those mentioned, however, are most definitely part of the solution in getting back on track, moving forward. The more that progressive oil and gas companies can harness technology levers to their advantage, the more stable the industry will become.

So, if you’d like to find out more about portfolio and acquisitions, then get in touch! Contact TriStone Holdings Ltd today on 0800 055 7079 or by emailing us at [email protected] The resilience shown by the industry over the past twelve months has been nothing short of remarkable, and we’ll be right there on the other side of it when the pandemic is behind us!


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