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Jake Lester

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4 Key Growing Areas in Oil & Gas Fueling Need For Critical Seals & Polymer Materials

Posted by Jake Lester on Mar 29, 2019

Four years ago, oil and gas exploration and production companies were at their lowest point as the industry collapsed with the steady lowering of oil prices. Digging deeper into their toolbox of resources, several in the upstream, midstream and downstream survived by figuring creative ways to cope as well as adopting new technologies. Their resilience paid off. In 2018, global oil demand reached its highest ever levels at 100 million barrels a day. Through innovative technologies that reduce costs and boost productivity, the U.S. is poised to surpass Saudi Arabia and Russia as the world's leading oil producer, hitting oil production highs of over 12 million barrels a day in February of this year. World Oil predicts 7.7% and 8.3% increases in drilling and footage in the Gulf of Mexico, respectively. Similarly, analyst firm Westwood says that after four years of decline, exploration in the Gulf is expected to go up by 30% in 2019. Key projects from oil and gas majors support this growth; Shell has announced its Appomattox from a Jurassic reservoir, BP says it will focus on the area with its Atlantis phase 3, and Chevron has committed to its ultra-high pressure Anchor project.

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Tags: Oil & Gas