​Top Blog discusses Best Technological Innovation Being Used By Top 20 Oil & Gas, Utility Companies

OPEC Heads Of State Gather In Saudi Arabia

The oil and gas industry has experienced a tremendous advancement and change when compared to the state of the industry years ago. In more than a century ago, the industry suffered from dominance by large western market and competitiveness among a few private companies for the world’s oil reserves. Oil price saw the highest and indeed permanent increase in 2005. In respond to the trend in the oil and gas industry, other companies are now producing efficient vehicles, engines and aircraft and also going for alternative source of fuels as a measure to capture the demands for transportation. There are new technologies available today which provide different opportunities for unconventional oil and gas in most parts of the world, however, the production of this unconventional energy is uncertain. In traditional oil-exporting countries under state monopoly, private-sector companies still have opportunities but this does not come without intense competition with state-controlled oil and gas firms. In the Middle East oil exports which are mostly targeted at Asian markets instead of the US or Europe, there is a question of who will take the bull by the horn in terms of physical security in the region.