11 May Offshore Technology Conference 2015 Unveils Innovations in Oil and Gas Industry

At this year’s Offshore Technology Conference, General Electric executives revealed that the use of smart sensors and Big Data analytics could allow oil and gas companies to produce an additional 80 billion barrels of oil worldwide — some three years’ worth of global crude supply.

According to FuelFix, GE was just one of the many companies from all parts of the globe showing off the latest innovations in oil production equipment and technology at Houston’s NRG Center from May 4 through 7.

Through the use of data analytics, GE is able to transform massive quantities of data into physical models that could help oil producers cut energy costs while boosting production.

Held annually for the last 47 years, the Offshore Technology Conference is the “leading forum to exchange ideas and opinions to advance scientific and technical knowledge for the safe, environmentally friendly and sustainable development of offshore oil and gas resources,” its website reports.

But despite its name, the annual Offshore Technology conference hosts much more than new offshore drilling innovations. As offshore production makes up just 30% of the global oil and gas industry, there were plenty of presentations on new concepts in traditional drilling as well.

The sold-out conference hosted 2,682 companies that represented 37 countries. Some 94,700 attendees from 130 different countries packed into the NRG Center for a glimpse at the industry’s newest technologies and best networking opportunities.

The oil and natural gas industry is one of the most vital components of the U.S. economy, employing 9.8 million Americans and making up 8% of the country’s economy. Thanks to new technologies like GE’s massive investments in Big Data, proved oil reserves worldwide have grown by a significant 27%.

Who knows what kinds of new technologies next year’s conference will bring?

What are your thoughts on the new oil drilling equipment and oil field products that went on display at this year’s Offshore Technology Conference? Share with us in the comments below.