Supply And Demand: How The Oil Industry Is Evolving

Oil is an integral part of life on this planet. It is used to provide electricity as well as in the transportation industry. While many nations are striving to become less dependent on oil, the technology is still years away from becoming the normal standard. In the meantime oil companies around the globe are finding new ways to meet the demand for oil while still maintaining the most rigorous of safety standards. To meet the increased demand for oil, companies are being forced to use more unconventional oil reservoirs. These unconventional reservoirs make drilling more expensive and in many cases more difficult. To help combat this excess risk and expense, many companies are turning to premium connections for their drilling rigs due to the many benefits they offer.

What Are Premium Connections?

Premium connections are special casings that are used for drilling deep wells both onshore and offshore while decreasing cost and risk. When drilling a deep well, you run the risk of having the walls of your well collapse under the pressure of the drill. Premium connections provide the walls of your well with the stability they need while supplying hydraulic energy used for drilling. This minimizes the risk of collapse while drilling.

How Does This Save Money?

Premium connections through Hunting PLC save drilling companies money in a few ways. The first way is by decreasing the amount of equipment needed to drill the well. In most drilling expeditions, you will need to use both a drilling mechanism as well as a support system. The premium connections provide drilling along with the support for the walls of the well. In addition to less equipment, you will also need less manpower on each rig. With less equipment comes less operators required as well as less risk of injury to the operators. This is especially useful in offshore drilling where the rigs are smaller.

How Do Premium Connections Solve Supply and Demand Issues?

Until recently, many oil drilling companies were not willing to take the risks associated with drilling in unconventional locations. Between rugged terrain and impenetrable soil, these drilling expeditions would only serve to raise the cost of oil from these reservoirs. With the cost and risk reduction afforded by premium connections, more oil companies are looking to these once off-limits drilling sites. This is increasing oil production around the world and driving down the cost.

While we still face an uncertainty in regards to supply and demand of oil and gas, oil companies are working harder than ever to find solutions that work. Premium connects are just one way that these companies have found to make drilling affordable, even in the toughest conditions on earth.