Machine learning has the potential to improve efficiency, increase production and reduce costs in the oil and gas industry.
While recent years have seen a substantial drop in demand for oil, prices are slowly returning to pre-pandemic levels.
Petrochemical projects will amount for a majority of the oil and gas projects happening in the next five years with most concentrated in Saudi Arabia.
Robotics, thanks to automation and technology advances, is expected to be a key driver in oil and gas industry growth according to a report by GlobalData.
Autonomous mobile robots (AMRs) are increasingly finding applications in the mobile robotics ecosystem as automation becomes the new normal.
GlobalData reports that the coronavirus (COVID-19) has made manufacturers realize the need for faster automation and innovation, but it is going to take time to recover from the virus' economic effects.
GlobalData reports that oil and gas companies are turning to robotics to drive productivity and efficiency due to volatile prices.
Russia is set to reap record ruble revenues from the upstream oil and gas sector over the next six years thanks to tax changes and production growth.
GlobalData reported that Asia and the Middle East are expected to lead the way in petrochemical expansion over the next decade.
GlobalData reports that North America is forecast to add the highest trunk pipeline length to the global crude oil pipelines industry with 44% of global planned additions by 2022.
China and Asia as a whole is expected to lead the charge in global propylene growth over the next decade according to a report by GlobalData.
Companies operating in the Permian basin have drilled much longer laterals and used more complex well completion design in their newer wells with the aim of reaching higher initial production (IP) rates, according to GlobalData.