Oil Field Services Gain from Advanced Technologies/Face Revenue Decline and Layoffs in 2015-2016

The oil field services industry has benefited enormously from its ability to harness new technologies. Both onshore and offshore, the use of advanced seismic technologies and horizontal drilling with pinpoint accuracy have dramatically improved drilling results. Offshore, subsea templates that allow drilling and production of dozens of remote wells, as much as 15 miles apart, from one underwater base, provide production efficiencies undreamed of a few years ago. Pipeline and transport systems are advancing at the same time. For example, it is now common to deliver oil from a subsea well straight to a pipeline system without ever bringing it to a ship or platform on the ocean’s surface.

Geophysicists are using high-powered computer workstations to analyze seismic data in three-dimensional, color-coded views that show oil- and gas-producing structures never seen before. Drilling success rates are up substantially. An enhanced 4-D system adds the dimension of time to geologists’ seismic view of evolving underground formations. Exploration companies utilizing 3-D and 4-D seismic data typically find productive wells more than 70% of the time, compared to 40% with older methods.

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Oil Field Services Gain from Advanced Technologies/Face Revenue Decline and Layoffs in 2015-2016, Business and Industry Trends Analysis

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