The University of Calgary showed off new virtual reality technology Wednesday. The new tech gear is designed to help in the oil sands by providing a cheaper, faster and more eco-friendly way to get petroleum.
Alberta’s oil and gas sector is in a bit of a slump right now but the new virtual reality technology could change that in a hurry. Some students and scientists from U of C have created a software to enhance the oil extracting process. The VR software will allow companies to be able to extract petroleum inside reservoirs at a more cost-efficient and eco-friendly rate by reducing the wait time for companies to start drilling and limiting carbon emissions.
“In this method, the heat is generated in the reservoir.” explains Min Yang, and U of C student working on the project. “The carbon dioxide will be concentrated in the reservoir and will not produce to the atmosphere.”
This will create new jobs in an industry that is seeing its biggest slump in a while. Due to the low price of oil, companies cannot justify new projects, however, with the new VR, they will be able to afford new projects.
Today’s oil price is at $52.24 per barrel, less than half the price of oil at this time three years ago.