2023: The Near Future of Oil & Gas
For the oil and gas industry, innovation can be a lifeline—used to optimise finances and operations—or an Achilles heel—ignored until it’s too late.
As a follow on from our 2020 Near Future series, we thought it would be good to see how we are tracking. With industries transforming at an accelerating rate, we've ranked and commented on our original 2020 predictions, in addition to providing some NEW predictions looking out to 2023.
For Oil & Gas, our report covers country spotlights into the US, Canada, UK, Saudi Arabia and Australia.
By 2023, here’s our GLOBAL predictions for how innovation, paired with evolving oil and gas priorities, will change the industry:
1. The application of nanotechnology at every stage of the oil and gas lifecycle will be a key driver of efficiency and innovation—from exploration and appraisal drilling and production, to transport and subsequent refining.
2. The digital oilfield market, consisting of the internet of things, analytics and cloud computing, will surpass U.S.$20 billion. In response, oil and gas companies’ investment in cybersecurity will increase substantially.
3. Taxation of oil-derived products as a means of controlling demand to address environmental and oil and gas security issues will increase— especially among countries belonging to the Organisation for Economic Co-operation and Development.
4. Close to half of all oil and gas contracts will use blockchain technology, resulting in faster, more accurate transactions with less room for disputes.