Technology could become the only resource that can make the extraction of hydrocarbons economically profitable.

Greetings friends.

If I really think that technology is the only resource that could save the oil industry as far as the economic feasibility of oil and gas extraction is concerned. Although the oil industry has always advanced hand in hand with technology, there are always some parts of this great business where suddenly technology has not evolved considerably, and in these times of economic crisis where oil prices have bottomed out, it is essential to amplify technology in some sectors that could be key to the economic feasibility of hydrocarbon production.

Many oil industries today will have to see investment as a source of future livelihood.

Everything that these companies can invest in technology now in the present may be reversed in the future as a large investment in order to minimize future production costs, especially considering that these same low oil prices may be maintained in the future, or perhaps even lowered further.

What is the eminent reality that the oil-producing countries will have to face?

I think that the various oil markets will balance out as the pandemic takes hold and the most common economic activities are gradually incorporated into the rhythm of life to which many of us have become accustomed.

However, this economic recession will not be repaired in a few days, so oil prices may remain low for a considerable time. Oil producers must face this reality by applying new technologies, but the question is in which areas of the oil industry new technologies are most emerging.

From the experience I had approximately 5 years ago in the oil industry, specifically in the area of well drilling, I was able to observe the most important processes of this department and realize the unnecessary and additional expense generated by the lack of investment not only in technology but in science and research.

To cite only one example, in the drilling of some deep wells many lost tools had to be left at the bottom of the well where the main cause was the tubing glue.

Now if the problem was the glue of the pipe, it was only necessary to generate a less complex process where the string of drilling pipes was not so exposed to possible glue, where once it was tried to recover it was broken and left at the bottom.

Many of the tools were left at the bottom of the hole in an irretrievable way, knowing that many of these tools, as bottom motors are very expensive, where we could even be talking about millions of dollars left at the bottom of the hole.

Ai at least in the area of drilling, technological tools are incorporated that minimize the risk to the sticking of pipes would be saving a production cost that even though it is not associated to the costs in the drilling programs, it is an additional cost that must always be counted on eventually since it is a problem that is always present.

If we extrapolate this situation to other areas of the industry, we could conclude that the amplification of the technology, especially applied in the areas where the greatest expenses are generated, could be the salvation to a possible present economic feasibility to continue extracting oil and natural gas in the future.