As our world continues on its pathway to sustainability, there is an increased focus on the safety and resilience of the existing supply and distribution networks for petroleum. Having long been subject to stringent regulatory controls, it is necessary to demonstrate good environmental practice and operational efficiency at all times. To do so, many businesses are relying on cutting-edge technology to streamline operations, increase accountability and improve safety.
Here is a look at the most prevalent technologies this year
Artificial Intelligence (AI)
AI, combined with the rapid advancement of the Internet of Things (IoT), is enabling oil and gas companies to continuously monitor temperature, pressure and fluid levels of stored petroleum, not only improving accountability but also facilitating predictive maintenance, optimizing inventory, and preventing issues and accidents from occurring.
AI technology can forecast demand fluctuations based on historical demand patterns and intelligence-based predictions, enabling organizations to make effective strategic decisions, allocating resources effectively and mitigating likely risks.
Design of petroleum storage tanks
Traditionally, petroleum storage tanks were often criticized for succumbing to the effects of corrosion and leaking. As the emphasis on environmental stewardship has increased, organizations are implementing tools and technologies to reduce the environmental hazard posed by the storage of petroleum.
Modern solutions such as fiberglass-reinforced plastic (FRP) and double-walled steel tanks finished with protective coatings offer superior durability and corrosion resistance, minimizing the risks of leaks and spills, while vapor recovery systems and containment units reduce harmful emissions and help companies comply with regulatory standards.
Renewable energy sources
Many petroleum companies are using renewable energy sources such as solar panels and wind turbines to power their operations, reducing their reliance on conventional power sources and benefiting from the reduction in operating costs that these technologies allow.
Not only are costs reduced through the use of this technology but business resilience is enhanced as any excess power generated can be stored to use in the event of power outages or during peak demand periods.
Regulatory controls
Regulations and safety standards continue to evolve with an increasing focus on sustainability, and this is prompting those in the oil and gas industry to review their emergency response protocols with an enhanced focus on prevention rather than cure.
To this end, designs for petroleum storage tanks are evolving to improve the integrity of both the tank and the stored petroleum products within it to protect workers and reduce the harmful effects of a spill on the environment. By adopting early response systems, workers are able to shut down and divert petroleum in the event that a storage tank is breached or damaged, reducing losses while minimizing environmental contamination.
Many organizations are relying on technology to stay abreast of these ever-evolving regulations and to ensure they are compliant with all necessary standards and industry expectations. Technology allows them to share best practices, communicate with industry bodies and government departments, and implement appropriate recommendations at the earliest opportunity.
Conclusion
It is clear that technology is reshaping the oil and gas industry, leading to improvements in product design, safety compliance, environmental protection and business resilience. By embracing the power of modern technology, the petroleum industry will stand as a figurehead for a more resilient and sustainable future.