After a multi-year period of contraction, the oil and gas business is on an upswing and back in action.
Recovering onshore activity in the U.S. is already boosting demand for oilfield services and analysts expect that recovering markets outside the U.S. will add to the momentum.
Already, the rise in crude prices boosted revenues 15.1 percent at Schlumberger and 47.7 percent at Halliburton in Q4 2017 alone, according to the research firm BMI. The business press is full of stories about labor shortages in the wake of severe cutbacks three years ago.
A well-designed network keeps remote rigs and exploratory vessels connected and their operations safely in sync.
The increase in drilling and production will drive greater demand for the connectivity on which the modern wellhead depends. The industry’s recent experience with crisis has driven many firms to increase their use of digital technologies to drive greater productivity.
Communication service providers are expected to play an important role in helping the industry accelerate the shift to the digital oilfield, where connectivity allows secure, real-time collaboration and the use of data analytics. Continue >