How does fiber optic help oil production companies?
Optical fiber sensor technology has been used in oil and gas companies since 1990 for monitoring temperature and pressure in order to improve safety and raise production. Also, for many years companies have been collecting big quantities of data in order to know what lies behind the surface and how to bring it out. But what has been the role of optical fiber during the current oil crisis? During the past months, oil prices have dropped more than 70% since June 2014, from over 100$ per barrel to under 30$ in the last week. The plunge in the oil prices is caused by the rise in the barrels production, USA has doubled its domestic production, Saudi oil is competing in Asian markets and Canada and Iraq exports are also rising, even Russians keep pumping despite the country economic crisis. The main reason for the rise in production has been the increase in fracking operations, which have been the most affected from the plunge in oil prices, since they ...