Facing Challenges with Innovation

Facing Challenges With Innovation

For the past few years, much discussion has focused on the question of when the market will recover. While some industries are new to the concept of using technology to overcome challenges, the oil and gas industry has utilized this practice since its origins.

Today, innovative minds and technology will once again answer the call as the oil and gas industry continues to face challenges, from the economic difficulties brought on by lower-price markets to the demands of changing regulations and calls by some to move away from fossil fuels.

Led by the efforts of the oilfield service, supply and manufacturing companies that make up the Petroleum Equipment & Services Association (PESA), one only has to look across the shale oil and gas regions to see this firsthand. Low prices have demanded greater efficiency; and PESA members, working with their customers and partners, have delivered.

The oil and gas industry has proactively advanced environmental and worker safety protections. Industry can point to clear progress in reducing methane emissions thanks to strong voluntary efforts. Additional innovations in multi-well pad drilling and rig components powered by natural gas and solar provide collective benefits beyond saved time and money.

The lower-for-longer market has even served to kick-start tomorrow’s technologies. For instance, take the focus many PESA member companies are placing on developing and implementing automation. The benefits of this effort are clear: improved efficiencies, safety and accuracy.

Exponential growth in the use of data across the oil field has also further driven these efforts. Oil and gas innovators are using data trends to advance automation not only across the drilling rig but throughout the entire supply chain. The largest fruits of these labors are still to come, and we have always found a way through the work of innovative minds.

Like the oilfield service, supply and manufacturing sector it represents, PESA has evolved substantially since its founding in 1933. PESA is the national trade association representing 200 companies that provide the services, technology, equipment and expertise necessary to safely and efficiently explore and produce oil and natural gas.

Serving as the unified voice for the sector, and advocating for and supporting its achievements in job creation, technological innovation and economic stability, PESA seeks opportunities to further empower its members and support this vital division of the oil and gas industry.

PESA elevates the issues of the oilfield service sector by engaging with policymakers on legislation and regulations that impact the safety and vitality of the energy industry. As federal and state agencies move forward in implementing the new administration’s agenda, PESA is increasing awareness of the issues that impact our division and promoting education in the disciplines driving the competitiveness of our workforce.

In addition, PESA educates key policymakers on the innovations driven by the oilfield service and supply sector to harness natural resources safely, more efficiently and with a smaller environmental footprint. PESA member companies are technology leaders, developing disruptive technologies that should be mentioned in the same breath as autonomous vehicles and advanced genomics.

As we face the challenges of tomorrow, we must not shy away from directing our talent, technology and entrepreneurial spirit toward navigating the headwinds both for the good of our industry and society. PESA is confident that with the right focus, continued innovation and a commitment to working together, we can successfully navigate the challenges we face now and in the future.

 

For more information about PESA, visit pesa.org.

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