There have been significant transformations for the global oil and gas industry.
The oil and gas industry has witnessed crash in oil prices since 2014-15 thanks to a variety of factors including improved break-even points, political de-stabilization of some countries, utilisation of technology to reduce production costs, and the continued growth in global demand for energy.
It is a no brainer that the oil and gas industry is currently booming throughout the United States & it all looks to be an even more positive year than the previous with latest reports from industry news suggest that this trend is likely to advance in coming years. This boom will only increase the number of jobs within the entire US.
For decades OPEC countries have been the determining factor in oil prices. As the largest source of conventional petroleum reserves, the nations of OPEC had an upper hand & control over the pricing of crude.
The arrival of the U.S. shale industry has added an interesting new dynamic to this situation. However, OPEC still has the majority (in terms of production), US Shale offers a counterbalance to OPEC by responding to Demand – Supply demands of the market.
Production from the US Shale industries is growing continually, with US Energy Information Administration (EIA) reporting a jump from 5.23m barrels (Dec 2014) to 8m barrels (Dec 2018).
“Market expectations for continued strong oil demand growth remain in place, despite concerns about slowing demand growth as a result of weaker economic growth, the impact of tariffs and a strong U.S. dollar,” Steve Wood, Moody’s Managing Director for Oil & Gas.
According to a 2017 report by International Energy Agency (IEA), the US is set to enjoy the biggest increase in oil & gas production the world has ever seen over the next few years.
With the surge of oil and gas industry projects and companies in the coming years, similarly the need for core samples will also increase. Core samples are an integral part of the research surrounding the oil and gas industry. Core samples have increasingly been recognized as an important source of data. When a core sample is taken, a drill cuts into a substance, typically rock or sediment, with a hollow tube made of steel known as a core drill. Core samples are able to inform researchers about the make-up and composition of the given substance.
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