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Every oil and gas company across the nation – the globe – will remember 2020 as the year that changed everything. Industry leaders began the year in a state of urgency, faced challenges that have been building for years, and finished it with more questions than there were at the start.

To say the global oil and gas industry is large would be a gross understatement – it is massive. The oil and gas drilling sector alone makes up around 3.8% of the global economy.

While every industry has its challenges, the oil and gas industry is arguably one of the toughest to operate in smoothly for a variety of reasons.

The impact of COVID-19 on the oil and gas industry has already been profound, with major oil companies announcing steep cuts in capital and oil prices plunging into negative territory for the first time in U.S. history. However, the full implications are only just beginning to unfold.

Following a year of pipeline capacity constraints and delayed pipeline projects, 2019 became the year of rapid expansion and increased production. The hot topic of “bottlenecks” faded and massive pipeline projects stole the limelight.

Despite the pipeline capacity constraints and delayed pipeline projects experienced last year, U.S. oil production keeps accelerating towards new highs. Production has been especially strong in the Permian Basin on both the New Mexico and Texas sides.

Thanks to a new AI framework, energy firms are now able to dive even deeper and look more than a kilometer beneath the surface with greater accuracy.

With the explosive growth of the Permian Basin, there seems to be a plethora of mergers taking place as oil companies rush to secure larger contiguous space to drill longer horizontal wells.

With Q1 2019 already behind us, now is the perfect time to review the trends, opportunities, and predictions made at the close of 2018.

According to new reports, two more pipeline projects are on track to go into service by the end of 2019.