Trends, cost and challenges of oil and gas technologies

Abstract

This project looks at the trends, cost and challenges of oil and gas technology and draws upon mostly technologies changes in oil and gas industry including trends and cost of oil and gas technology. Most prior research is on technology trend and it undermines the role of technology in oil and gas industry.

The purpose of this project is to focus trends and challenges of oil and gas technology from past decades to 21st century. The first phase of this project involves identifying the methods used in extracting of crude oil from the ground and changes of oil and gas technology which is used in extracting the crude oil year after year. Concurrently, not only this project is also addressing the challenges of oil and gas technology while technology is changing time after time but also, it predicts crude oil prices for Year 2017 by using two methods; time series method and neural network.

Moreover, this project identify the factors that impacted on oil and gas technology in the past and discover possible factors that can be influenced on changes of oil and gas technology. Lastly, this project highlights the importance of technology in oil and gas technology.