Although energy firms are cutting costs and reducing employees due to bottoming oil prices, North American research organizations and companies are increasing efforts to enhance the productivity of oil production. By creating new labs and hiring more employees, research institutions are taking advantage of the slowdown in the oil industry to come up with new solutions through technology R&D. Companies conducting such research include Hess, Schlumberger and GE. Scientists at the University of North Dakota’s Energy and Environmental Research Center are studying ways to release carbon dioxide streams in shale drilling as an alternative oil extraction method, which could have significant cost saving effects. By creating new technological applications for alternative extraction methods and data analysis, as well as by reducing the number of machines needed for oil production, oil firms can increase cost savings, efficiency and output.

Source: Reuters