Petroleum Engineering Today
Despite the introduction of new technologies and the development of renewable energy sources, the world is still largely dependent upon fossil fuels to function in such an energy intensive way. Even though these are fast changing and evolving times, fossil fuels are still the number one resource that can accommodate such intensive energy demand and in the foreseeable future it will remain as such. With the growing energy demand, renewable energy sources cannot completely cover this high-energy demand globally, however fossil fuels will also not be able to accommodate for the increase alone, which is why in the future we will see a combination of both sources of energy being used. This does not mean that gas and oil companies will be in decline, but we will see a shift in the way they operate and how they adapt and use new technologies to compensate for possible negative environmental impacts. For example, we have already seen a lot of oil companies concentrating on creating de-carbonization policies, zero emissions initiatives, switching to natural gas, using carbon capture and similar technologies and methods to alter how they function and operate within these new circumstances.
The main challenge in the future of oil and gas will certainly be to produce more energy at a lower cost with fewer emissions. This means that, since the world is demanding cleaner energy, oil and gas companies must supply this energy with less emissions and in a cleaner and more efficient way. This can be achieved by focusing on investing income into greener energy and finding ways to compensate for negative environmental impacts within the oil and gas industry.
Petroleum Engineers for the Future
To avoid higher oil prices and a volatile market, particularly in the post-Covid era when the demand for oil starts increasing again, the reaction on investments in the sector must be timely. If this is not handled effectively and if supply is not re-developed sufficiently, there will be huge challenges in meeting the energy demands and therefore we will see an increase in oil and gas prices. Currently the global aim is to reach net zero emissions by 2050 and the only way this can be achieved is through global cooperation and in partnership with customers, universities, governments and other energy sectors which makes this one of the biggest challenges the industry has to face. However, this also presents an opportunity for oil and gas development because it opens up new possibilities to work with new technologies in new ways and expand the field of petroleum engineering into something it has not yet seen. This means a new age of different, cleaner, affordable and reliable energy options, which in turn allows for new and evolved petroleum engineering employment opportunities that utilize these new technologies. Petroleum engineering is in the midst of a large and complex transition period which is driven largely by technological changes, including automation and artificial intelligence. For young professionals entering the field there will be a need for adaptation, fast learning and leading increasingly complex projects in an ever-changing landscape of global energy demand and complex environmental issues. You will have to learn fast and adapt well in order to thrive in ever-changing but none the less exacting time for our industry.