As the petroleum industry continue to supply and deliver affordable oil and natural gas, there are many challenges faced by a petroleum engineer on a daily basis. From minor interruptions, natural disasters, conflicts, economic, to political issues, these difficulties require utmost attention and special care. With the growing demand for sustainable energy, petroleum companies also need to continue to operate, produce, and explore new and old resources.
Supply and Demand
Studies and research conducted by both private organizations and government institutions forecast that in the next 20 years, the demand for energy consumption will continue to grow and be dominated by fossil fuels, coal, natural gas, and oil. In developing countries, natural gas will continue to increase which requires new innovative methods in production, transportation, and geopolitical relations between the supplying and consuming country.
To be able to meet the demand for oil and gas, petroleum companies need to invest in bigger capitals to improve the production in deep waters, reservoirs, unconventional resources, and remote environments. This venture alone will require a huge investment in the years to come.
Another existing challenge the industry currently faces is the employment of both managerial and technically skilled workers needed to execute and implement the projects. If the oil prices are up, there is a boom in the career of a petroleum engineer as well as other technical professions related to this field. However as soon as the oil prices go down, many employees get cut down as well.
The petroleum sector needs to improve the overall image of the oil and gas industry to be able to attract and encourage professionals to join this field. Companies should also improve their safety and environmental standards while following the regulatory compliance.
With the evolution of technology, the petroleum sector must be able to continue to create new innovations in the advancement of drilling and production. Companies should develop and explore new resources to be able to supply the growing demand for oil and gas. This is a challenge faced by http://cbwresourceconsultants.com/ to improve their plans and designs.
Conventional and Unconventional Resources
Some conventional resources are located in challenging areas with unbalanced political conditions. On the other hand, unconventional resources were only discovered recently and has become increasingly popular in addressing the demands. It may be a temporary solution in supplying the need for energy but it poses some issues on the effect it has on the conservation of nature, water resources, and the environment. Unconventional resources include oil sands, shale gas, and coal bed methane to name a few.
Due to the rise in market demand and supply that petroleum companies face on a daily basis, the industry needs to explore other alternative resources such as renewables. This requires new policies, approach, and strategies to be able to discover new resources.
This includes relationships with various stakeholders, employees, human rights, environmental sector, community associations, and other sectors. The support of the petroleum industry and oil companies is crucial to the success of building a strong corporate social responsibility. This will improve potential partnerships between the public and private organizations as well as addressing the concerns in protecting the environment.