Our global economy seems to be constantly in flux. International leaders in various industries rise and fall. New technologies emerge that change the landscape of the market forever. Amidst these waves of revolution and evolution stands the oil field industry. Whether we consider specific oil field service in Carlsbad, NM or oil production in the Middle East, it’s clear that the U.S. is making its way to the front of this field.
How is this possible? Could the U.S. really become a major player in the oil game again? Apparently so. Here are a few of the most recent developments.
The Permian Basin
This oil field is located at the border of Texas and New Mexico. It is key to oil field service in Carlsbad, NM and oil production for the entire nation. In fact, recent efforts have made this the second most productive oil field in the world.
How did oil industry specialists transform this worn-out patch into a world leader? This required a strategic combination of technical innovation and aggressive investments. While some companies abandoned this field or went bankrupt as global oil prices collapsed, others began digging into the oil-rich shale found here. The result is a thriving production that has transformed the standing of the U.S. in the global oil economy.
In 2018, the Permian saw an increase in production by one million barrels a day. Current trajectories show this basin’s production surpassing that of the Ghawar Field in Saudi Arabia (the world’s largest) by 2022. At current production levels, the Permian generates more oil than 12 of the 14 members of OPEC.
With the Permian cranking out so much oil, U.S. domestic oil production increased by a total of two million barrels each day in 2018. The final tally made the United States the top oil producer in the world.
Where do oil companies plan to go from here? They will learn from past successes and failures. In the past, when oil prices plummeted, companies had to experiment with new ways to drill and produce. They changed drilling methods, creating longer wells in new designs that placed wells closer together. They altered chemical formulas for blasting materials and relied on computers to guide drilling more accurately.
For future efforts, companies are looking to artificial intelligence to further cut production costs. Algorithms are being used to standardize drilling and improve fracking methods. Based on previous success, current trends and the outlook for the future, industry leaders believe they are past the boom-and-bust phase and are developing sustainable solutions for future generations.
Would you like to learn more about oil field service in Carlsbad, NM? The professionals at JB Electric LLC would be happy to answer any questions you have. As industry leaders, we stay up to date on leading trends in our field, so we can provide the best service to our customers. We strive to deliver prompt and accurate oil field, residential and commercial electrical services. Call our team today to find out what sets JB Electric LLC apart from the competition.
Categorised in: Oil Field Service