Here Are The World’s Five Most Important Oil Fields

1.  Ghawar (Saudi Arabia) The legendary Ghawar field has been churning out oil since the early 1950s, allowing Saudi Arabia to claim the mantle as the world’s largest oil producer and the only country with sufficient spare capacity to act as a swing producer. Holding an estimated 70 billion barrels of remaining reserves, Ghawar alone has more oil reserves than all but seven other countries, according to the Energy Information Administration. Some oil analysts believe that Ghawar passed its peak perhaps a decade ago, but Saudi Arabia’s infamous lack of transparency keeps everyone guessing. Nevertheless, it remains the world’s largest oil field, both in terms of reserves and production. It continues to produce 5 million barrels per day (bpd).

2.  Burgan (Kuwait) Just behind Ghawar is another massive oil field located in the Middle East. The Burgan field was originally discovered in 1938, but production didn’t begin until a decade later. The field holds an estimated 66 to 72 billion barrels of reserves, which accounts for more than half of Kuwait’s total, and it produces between 1.1 and 1.3 million bpd.

3.  Safaniya (Saudi Arabia) The Safaniya field is the world’s largest offshore oil field. Located in the Persian Gulf, the Safaniya field is thought to hold more than 50 billion barrels of oil. It is Saudi Arabia’s second largest producing field behind Ghawar, churning out 1.5 million bpd. Like Saudi Arabia’s other fields, Safaniya is very mature as it has been producing for nearly 60 years, but Saudi Aramco is working hard to extend its operating life.

4.  Rumaila (Iraq) Iraq’s largest oil field is the Rumaila, which holds an estimated 17.8 billion barrels of oil. Located in southern Iraq, Rumaila was highly sought after when the Iraqi government put blocks up for bid in 2009. BP and the China National Petroleum Corporation (CNPC) are working together to develop the giant field along with Iraq’s state-owned South Oil Company. The field now produces around 1.5 million bpd, but its operators have plans to boost that production to 2.85 million bpd over the next couple of years.

5.  West Qurna-2 (Iraq) Also located in southern Iraq, the West Qurna-2 field is Iraq’s second largest, holding nearly 13 billion barrels of oil reserves. The West Qurna field was divided in two and auctioned off to international oil companies. Russia’s Lukoil took control of West Qurna-2 and successfully began production earlier this year at an initial 120,000 bpd. Lukoil plans on lifting production to 1.2 million bpd by the end of 2017. The neighboring West Qurna-1 field – operated by a partnership of ExxonMobil, BP, Eni SpA, and PetroChina – holds 8.6 billion barrels of oil reserves. They hope to increase production from 300,000 bpd to more than 2.3 million bpd over the next half-decade.

It’s clear that the Middle East is still the center of the universe when it comes to oil. Despite their age, these supergiants remain the oil fields of tomorrow. And as the tight oil revolution in the U.S. plays out, these fields will remain, and the world will continue to depend heavily on the fortunes of a few countries in the Middle East.

The original source for this post can be found here.

Potential Uses of Google Glass in the Oil & Gas Industry

GoogleGlass

Wearable technology seems to be everywhere lately. According to statistics from the IHS and RockHealth.com, “the global wearables market was worth more than $2.5B in revenue in 2012 and is expected to cross $8B in 2018”. Wearables aren’t just for fitness — the technology can be applied to a variety of industries. As the market continues to grow in value, many different types of organizations are trying to figure out where wearables can be applied to enhance the business. From hockey fans to police officers, it seems like there are a multitude of uses for this type of technology. For example, in Washington, D.C., some fans of the Washington Capitals hockey team got the chance to use Google Glass at a game in order to get instant statistics and replays. The technology helped fans keep up and not miss anything when they got up to buy food or drinks. APX Labs is the company providing the platform for this as well as for other areas such as the military, medical, security, industrial, logistics and transportation, energy and utilities, retail, and media and entertainment fields.

An interesting area to look at in terms of wearables is the oil and gas industry. Companies in the industry are already moving toward new technology in terms of drilling as well as through adopting things such as cloud computing, mobility, and knowledge management in order to increase efficiency. Since the industry can be competitive, oil and gas companies need to innovate and continue to adopt new technologies in order to keep up or stay ahead. In the oil and gas industry, wearable technology could be applied throughout many applications especially out in the field.

Exploration

Geologists have the important job of determining where an exploration and production company should drill a well. When exploring for areas to drill, geologists could utilize wearable technology like Google Glass to overlay geological data while out on the field. In addition, geologists could mark prospective oil strike locations with the technology to analyze the areas more later. Besides Google Glass, other wearables like smart watches can be used to collect data from the field.

Rig and Equipment Maintenance

Another area that wearables could be applied is in rig and equipment maintenance. Since equipment can be very expensive, it’s important to maintain them in order to prevent huge costs for replacements and delays. Wearables can be useful in this area by helping floorhands, leasehands, roustabouts, and welders with equipment maintenance. They could use Google Glass to look at a piece of equipment or a rig to identify areas that need to be repaired. For example, wearable technology could detect variances and other abnormal activities to indicate that the equipment needs to be examined. Once issues have been identified, floorhands can use Google Glass to mark down the equipment that has been fixed, needs minor repairs, or requires additional assistance to fix, which saves time and duplicate work. With these markers, others can use wearable technology to find the equipment or rigs that need to be repaired and map out a route to repair everything in an efficient manner.

Real-Time Information

A major advantage that wearable technology brings to the oil field is the ability to view real-time information. Derrick hands, roustabouts, field engineers, and welders can easily see alerts and messages quickly and also monitor equipment on the field. In addition, they can take photos and videos with Google Glass to record information and report issues better. Wearable technology such as Google Glass will help field workers manage tasks and keep track of everything. In addition, it can warn workers of dangerous areas and emergencies in real-time, leading to less accidents. Wearable technology like Google Glass and smart watches also have the advantage of being hands-free devices to allow workers to control machines and do other things. All the information collected with wearable technology can be easily saved and sent over to a laptop to work on later.

Conclusion

According to Accenture, “Although smart glasses are an emerging technology, by 2017, according to one estimate, they may help save the field service industry US$1 billion every year”. As shown earlier, wearable technology can be applied in the oil and gas industry to further enhance efficiencies by helping out with exploration and equipment maintenance and viewing real-time information. Even though there are many potential uses of Google Glass, other technology such as smart watches, mobile devices, and iPads can help oil and gas companies continue to innovate and improve business processes. Wearable technology along with other mobile devices will make oil and gas companies more efficient, smarter, and safer, which makes the whole industry better.

The original source for this post can be found here.