Oil Prices Drop, Site Theft Increases: An Improved Security System Could Stop the Losses to the Oil and Gas Industry’s Theft Problem

01/26/2017 07:33 pm

Often in remote and hard to reach locations, oil drilling sites are succeptable to theft of critical supplies and oil itself. The Industry needs an improved surveillance system that can alert site operators of intrusion, well before theft can occur.

Oil extraction and employment in the oil and gas industry is at its lowest level since February 2012, according to the Bureau of Labor Statistics. Due to the economic hardship facing the industry, many drilling sites and oil fields are largely left unsecured and unmanned. As such, because of this lack of security and resources, an influx in theft of materials, equipment, vehicles and even the oil itself has begun to occur.  

In 2013 alone, there was an estimated 1-3% of the 700 million barrels of oil stolen, which in monetary value equates to around $700 million - $1.2 billion. With abandoned sites in rural, hard to reach areas, the thieves aren’t stopped at stealing oil, tools and equipment which can also fetch a high price as seen in April 2015 when seven drill bits with a value of over $267,000 were stolen from a site in Colorado (http://www.hcn.org/articles/as-oil-prices-drop-equipment-theft-climbs).

The high value of the equipment and lucrative resources these sites hold certainly justify a cost-effective, 24/7 surveillance system that can be remotely monitored off-site to prevent hundreds of millions of dollars of loss in revenue each year.

As a high resolution “optical radar” with automatic and real time detection of simultaneous and unlimited targets within a 360-degree panoramic image, Spynel from Electro Optical Industries could be the solution to the oil field site related theft. One single Spynel sensor can replace up to 90 traditional cameras, effectively cutting down on costs and operator fatigue. With a stand-alone, persistent surveillance system that’s previously been deployed to protect critical infrastructures such as oil and gas sites, among others, all over the world, Spynel is a proven, reliable system. 

About the Company: Electro Optical Industries is a world leader in electro optics and infrared test equipment, thermographic cameras for process control monitoring and infrared wide area surveillance systems for protection of a variety of applications. Founded in 1964, Electro-Optical Industries has products in over 45 different countries with a customer list of over 1,000, including some of the best-known companies worldwide.