Oil well production has doubled every two years due to advances in hydraulic fracturing.
The use of real-time analytics and data-sharing has been a growing part of the energy sector for the past few years, with technology playing an even larger role in the day-to-day drilling activities of many exploration companies.
Global oil prices have largely bottomed out in recent weeks, no longer drastically free falling week to week, but still holding steady around the $50 per barrel mark.
While downstream oil companies haven’t felt the immediate burden of low oil prices, their upstream counterparts are having a harder time dealing with the lack of profitability.
The ongoing slump in oil prices has created a new atmosphere concerning the future of energy in the U.S.
A report from the International Energy Agency indicated current pressures on the oil market will continue for much of 2015, however, prices will begin to slowly rise in the second half of the year.
Oil executives and industry insiders are patiently waiting for movement in the oil market in the coming months before continuing with further plans.
As the global economy continues to adjust to rapidly declining oil prices, there may be significant changes to the energy industry in the coming weeks and months.
Oil and gas looks poised to remain strong in the new year, despite uncertainty in the global marketplace and skepticism regarding the decisions of some of the industry’s largest players.
A new report from ExxonMobil Corporation indicated global energy demand will be greatly impacted by expanding populations and growth in the middle class.