Development of Nanotechnology in Upstream Petroleum Industry

Nanotechnology is an emerging technology with the potential to effect revolutionary changes in several aspects of the oil and gas industry. While the advantages of nanotechnology in several small-scale downstream sections of the industry is well established, policy makers in the upstream section often tend to adopt a more conservative approach towards the emerging technologies. This is chiefly rooted in the comparatively extensive investments needed to impose any fundamental technology changes in this section, and the high level of economical risk involved. However, since the impacts of any widespread technological revolution will be inevitably felt in every large-scale industry, adopting an astute strategy in regard to the incoming tides is of utmost importance. Such a strategy must determine the areas most prepared to accept technological changes so that the emerging technology will be accepted in a premeditated manner, minimizing the associated risks.