The oil and natural gas industry has grown and evolved a great deal over the last decade alone. As the demand continues to increase, the ways in which we discover and obtain these valuable resources needs to try and keep up as best as possible. It’s estimated that there are currently known oil reserves for 53 years of global production. Innovations in tanks and pumps used for drilling and storage is one of the factors that have allowed the production to keep growing at a rapid rate. Here are three ways in which they have contributed.
1.) Efficiency: Tanks and pumps are essentially the core of the oil and gas industry. Different kinds of rig pumps get the resources out of the ground, and specific oil and gas tanks are used to store and ship the product. Without these means, production in the industry would be unable to function let alone grow. Clearly growth has occurred as the global proved oil reserves have seen a 27% increase (about 350 billion barrels) over the past ten years.
2.) Opportunity: Advancements in tanks and pumps has allowed companies to expand well beyond the traditional oilfield setup. Offshore oil and gas production is one of the fastest growing variations. It provides the natural gas production for about 50% of the world and 30% of the worlds oil production. Without a way to get to the reserves deep under the ocean and a reliable way to get the resources back to land, there would be no offshore production at all.
3.) Economy: Overall, the oil and natural gas industry accounts for almost 10 million jobs (8%) in the United States. Many of those jobs are on the shipping and distribution end where tanks are of the greatest importance. The last thing you want is to lose thousands of dollars in product because of malfunctions in transportation.
If the actual oil and gas is the lifeblood of the industry, tanks and pumps are the body and mind. They may not be glamorous but they provide us the means and opportunity to acquire the resources that drive our society.