A New Era of Energy Production
The oil and gas industry has changed over the years. As technology has improved and drilling has become a more advanced process, our remaining oil and gas reserves have never been more attainable. Currently, it is estimated that there are enough oil reserves to meet 53 more years of global production. Within that timeframe, there are many possibilities open to people working in the oil and gas industry. To start, let’s look at some basic facts about oil and gas production.
Oil and gas drilling is a vital industry both here in America and abroad. In the U.S., the oil and natural gas industry provides 9.8 million jobs and 8% of the overall economy. American drilling isn’t limited to the landmass of the United States, either ? offshore drilling has taken us 7,500 feet below the ocean surface, at distances of up to 200 miles from our shores.
Offshore drilling is a huge part of the overall oil and gas industry ? about 30% of the world’s oil production takes place offshore, and about 50% of the world’s natural gas production. The overwhelming modern trend in drilling is hydraulic fracturing, which is the method used for up to 95% of new wells being drilled, and at least two million such wells have been hydraulically fractured as of 2013.
The industry is only growing ? in 2012, oil and gas companies increased their production of new oil reserves by 15.4% from 2011. Many American cities where energy production is a primary staple of the local economy, such as Houston, are set to add many more jobs in the coming years. On a global level, oil reserves have increased by 27% over the last decade. Clearly, the demand for oil and natural gas is increasing, and people all over the world are eager to buy that energy. At the same time, new technology and products have made oil and gas exploration more possible than ever before, prompting a new wave of data-driven oil and gas production that draws upon information from around the world.
One of the most promising energy resources right now is shale. According to the Energy Information Administration, shale gas production will account for nearly 50% of all U.S. natural gas production by 2035. Production rigs all around the country are equipped to drill for unprecedented amounts of energy, to be turned into the energy that lights our homes, heats our stoves, and keeps our cars moving.
When we take these facts into account, it is clear that energy demand and production are only going to increase, particularly in light of developing countries like India and China. Even countries like Africa are working out deals to mobilize their workforce and take advantage of the untapped energy reserves at their command.