This year’s LAGCOE, which stands for Lousiana Gulf Coast Oil Exhibition, took place October 9-11 in New Orleans. This event was attended by our Southwest Account Manager Stevie Treece who provided some highlights from the show.
While the oil and gas industry typically lags behind in technological advancements, LAGCOE 2019 proved that the industry has recognized the need for a better approach going forward. Many new technologies were unveiled that will revolutionize the upstream market. Everything from automated pipeline handling—which allows individuals to work 50-100 feet away from the well utilizing a hands-free electronic device to initiate pipe positioning—to electronic data storage and cellular feed readouts were showcased at this year’s show. In other words, what was once done by three workers can now be completed by just one. In addition to the increased efficiency of manpower, these new technologies are speculated to reduce production costs by 50%.
Another particularly remarkable industry advancement is the ability to implement temperature sensors at well sites. Other technologies expected to appear in this market are apps, cloud computing, remote monitoring, digital twinning and detailed data analysis.
Despite being a particularly revolutionary year for industry advancements, attendance at LAGCOE 2019 was at an all-time low due to the decreased cost of oil per barrel. Last year, oil prices were very high but were soon countered by high inventory, ultimately leading to a decrease in price. Since June, the price of oil has been going down, with refineries just now starting to work again.
In terms of the future of oil, industry leaders are remaining optimistic as we are currently sitting at the average five-year recovery point. This optimism extends into the Canadian and Mexican markets as well. Canada is sitting on numerous deposits and Mexico, with the backing of Shell, will begin drilling 25 new wells in the coming years. This potential to further develop the oil industry both domestically and internationally coupled with a heightened interest in technological innovation sets the stage for further growth within the oil and gas industry.
For more information about LAGCOE 2019, visit lagcoe.com.