ARTICLESIs a $40 Oil World Here To Stay?

Is a $40 Oil World Here To Stay?

By Tom Pakenham-Walsh


Major oil companies share different views on the future price and demand of oil and the associated operating philosophies to cope. Earlier this summer Ben van Beurden, Shell CEO stated the company was aiming to be “fit for the forties” forecasting lower prices for longer and a “peak oil” situation occurring towards the end of the 2020s. On the other hand, BP has estimated in its annual global energy outlook that it expects the world energy demand to rise by 37% from 2013 to 2035. This will mean an increase in global production of oil and gas from 82 Million barrels of oil equivalent (MMboe) per day to 112MMboe/day. One thing is certain, the remaining petroleum deposits are in more difficult to reach areas such as deeper waters or harder to explore unconventional deposits. These challenges have contributed to the recent growth in innovation and technology needed for the energy industry to resolve them. In a world of $40-50 oil prices the adoption of modern tech that allows geologists and engineers to maximise the resource potential of these frontier regions whilst minimising costs will be the key to the potential success of oil and gas companies worldwide.  

Existing tools and software are based around dated and cumbersome desktop applications, which lack big team, multi role integration potential. These solutions are usually beyond the reach of independent consultants and underfunded research institutions.  Low oil prices as well as industry dynamics has led to the increase of small scale producers and independent consultants.  

Rocksolve is delivering a suite of web based and cloud enabled apps designed by geologists for use by all geologist across the Academia, Industry and Government Agencies. The suite of applications is aimed to enabling geologist gather rock data in the field or in the lab. Access the data everywhere, interpret, integrate with petrophysical logs, create cross-sections, integrate with Seismic data and generate maps for use in helping exploration and asset managers decide on which countries to explore in, which basins to focus on, which plays to test and which reservoir to develop and optimise. Quick adoption of these vital technologies by the oil and gas industry is essential if it is to continue to succeed in a possible low price, low carbon environment in the coming decades. 

To enable the development of a robust ecosystem that is inclusive and provides the opportunity for true global collaboration, Rocksolve is launching a digital token – Roin – to enable transactions on a blockchain platform. For more please go to https://roin.rocksolve.com/