The terra firma in the oil and gas market has shifted impressively. Market dynamics of the industry has changed compared to what it looked in last few decades, where the cartels regulated the fundamentals of the market. Today, systematic disproportion coupled by increasing supply have replaced the structural indoctrination of the past. See more
Meanwhile, booming new reserves, majorly of shale oil, in different geographies are glutting the sector. In addition, gas and oil fields are adopting technologies such as big data, fiber security etc. All these factors embraced by the industry would make them more competitive.
Thus, roiled by economic turmoil worldwide, fierce competition and dreary price swings oil and gas companies must be ready to face such transformations. Extensive research would enable companies planning on exploring untapped resources increase their production level significantly and bridge the gap between increasing demand and supply. Focus on technology developments can result in helping enterprises understanding the growing usage of different drilling equipment.