A Cold Winter for Oil & Gas, A Spring-time for Technology & Innovation

The oil price went down sharply since late 2014, from then a cold winter started for the petroleum industry. This winter took away the pride of oil-related companies and pushed all players to look the industry from another perspective.

When petroleum stops being tagged with “scarcity”, its commodity attribute will definitely surpass its attribute of strategic resources. NOCs will no longer pursue O&G output regardless the cost it would take, but will try to save each penny through more efficient and economical exploration modes. It means petroleum industry is transforming into Tech-oriented from previous Resource-oriented. The history of human keeps going on and on, no enterprise could be successful if it lags behind the era. The characteristic of this age is to explore energy environmentally and economically, and to use it reliably and efficiently.

We’ve already witnessed the shale gas revolution reshaped the whole industry fundamentally with horizontal drilling and multi-stage fracturing techs. Moreover, digitalization is greatly enhancing the developing efficiency. Obviously, it is an age of technology and innovation right now. In the past two years, many large service companies faded away, some broke down, and others were merged. On the contrary, some small tech companies still achieved growth thanks to their innovative techs help decrease the cost for customers. This cold winter for Oil & Gas is just the springtime for technology and innovation.

To further reduce the cost, CNOOC planed to establish a database of long-tail resources in Oil&Gas industry, which focus on innovative technologies and products. OilSNS is authorized by CNOOC to investigate and collect such information. If your company has any innovative technologies or products, please do not hesitate to contact us. OilSNS will collect your technologies or products into this database after evaluation. We will not only recommend your innovative techs and products to CNOOC Procurement Department, but will also expose them on OilSNS platform.

OilSNS is a professional media focused on O&G industry. We provide superior information services for superior customers and devote to be the best information service company in O&G industry. OilSNS firmly believes that innovative companies will survive in this cold winter. Winter nearly goes by, can spring be far behind?

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