A new study by Lloyd’s Register Energy has revealed that the oil and gas industry in America, Europe and Asia is being driven by investments in five main areas which include: improvements in safety and operational efficiencies, reducing costs, accessing new reserves, and increasing asset lifespan.
The survey was based on comments from participants such as: UK Onshore Operations Group, Woodside Energy, Enertech, Maersk Drilling, TouGas Oilfield Solutions, Horton Wison Deepwater, Royal Dutch Shell, GE Oil & Gas, and also Douglas-Westwood, National Energy Technology Laboratory (US), and the Institute for the Analysis of Global Security.
The study found that 45% of respondents were investing in safety improvements followed by 44% in improved operational efficiency, 43% in cost reductions, 29% in assessing new reserves, and 27% in increasing asset lifespan.
The Technology Radar is a survey of over 250 industry professionals and is claimed to be one of the largest on the issue of technology and innovation in the oil and gas industry,
It focuses on 25 specific technologies, and the priority they will take into the future.
Around 73% of the surveyed believe the rate of oil and gas industry innovation is increasing and 68% plan on increasing their research and development budgets over the next two years.
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By GlobalDataAbout 58% agreed that future breakthroughs involve bits and bytes, instead of physical hardware, and in the past two years, 46% of breakthroughs have been driven by international oil companies and 31% by exploration & production companies.
Lloyd’s Register Energy director John Wishart said: "This 2014 Lloyd’s Register Energy Technology Radar synthesises the oil and gas sector’s view of which technologies harbour the greatest potential beneficial impact, and when that technology is likely to go mainstream.
"In the near term, automation and EOR are expected to have the greatest impact on the sector; in the medium term, it is high-pressure, high-temperature drilling and multi-stage hydraulic fracturing; from 2025 and beyond, subsea robotics is seen as most promising.
" With rising energThrough this independent survey we are sharing to a global industry the views from industry, and we believe the results will help to guide future energy policy and the development of industry growth plans.y costs, the oil and gas sector will benefit from a clearer understanding of the potential innovation scenarios to meet future energy demands and providing robust energy supply."
