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The nodding donkey was invented nearly a century ago, and it’s still hard at work in the oil patch, virtually unchanged, pumping oil out of the ground. There’s been a recent innovation, though: Algorithms adjust the extraction flow based on computer monitoring hundreds of feet below.
Finally. “Onshore North America used to be a market where state-of-the-art technology went to be humiliated,” said Tom Curran, an energy analyst at FBR Capital Markets & Co. “You’ve had a clear shift occur where onshore North America for the first time in recent history has become a technology play.”