Another year has come and gone. As we look ahead to 2019, we have to examine the trends we can expect to see in the oil and gas industry. From new technologies to developing legislation, the industry is sure to have another interesting year.
New Production Strategies
Despite being in a very good place, overproduction has plagued the oil and gas industry for several years. However, there could be a supply crunch coming in 2019. This is in response to weak prices over the past few years. The IEA has been calling for this crunch since 2016 and it looks more and more likely that this may come to fruition in the coming year.
This will cause companies both large and small to maintain discipline in their production, spending and the innovations they employ. These issues are compounded by a changing market and varying demand for oil in a world looking to reduce its consumption. In short, companies will need to be more strategic in their overall production timelines.
More Digitization
Technology has always played a large role in the oil and gas industry. This shows no signs of slowing down in 2019. In fact, technology could become a larger part of the industry . The digitization of the oil and gas industry means companies will have to reassess their operations and how employees are trained.
Digitization will continue to change several aspects of the oil and gas industry. From discovery and production to meeting the world’s energy needs. The advances are inevitable for oil and gas production, and embracing them early will be beneficial for any company.
High Volume Recruitment
Despite changes to production strategies and more technology entering the industry, recruitment across the globe is expected to boom in 2019. Fueling these higher recruitment numbers are improvements in market conditions as well as significant growth in offshore drilling.
Further fueling this higher volume of human capital is the adoption of more inclusive hiring practices by many companies. We are seeing larger numbers of women entering the oil and gas industry as well as a new generation of younger employees who understand new technologies coming into their own. From oilfield personnel to engineers, the workforce will continue to grow and evolve.
A New Year, The Same Tiger General
For nearly 90 years, Tiger General has provided top-quality equipment to oil and gas fields around the globe—and we don’t plan on stopping! Start 2019 on the right foot and fill out a Tiger General truck inquiry form today.