The oil industry is in trouble, hit with the double whammy of a depressed economy due to the Coronavirus pandemic and an oil price war between Saudi and Russia. Layoffs are piling up. Salaries are being cut. Oil prices, in inflation adjusted terms, are the lowest they’ve been since the 70s and there’s no end in sight. We are all in full-on survival mode where every dollar counts. Everyone is asking a key question—what can be done to minimize operating costs while still generating maximum revenues through oil production?
Wax accumulation in wells and low oil recovery rates are two of the major challenges in the oil industry. At the same time, it is important to note that every well has its unique characteristics, such as depth, producing zones and reservoir rock type, etc.