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Oil and gas executives not meeting collaboration and innovation goals

30/10/2015 by

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A new report has suggested that many oil and gas executives have failed to meet innovation and collaboration goals for 2015. The Lloyd's Register Energy report shows that almost 50% of those questioned believed they had fallen short of targets, almost double the number recorded at the beginning of 2014.

Lloyd’s Register Energy’s The Technology Radar 2015 utilises a survey of over 450 professionals in the oil and gas industry and interviews with senior figures from the industry to collate its findings. Over 60% of respondents agreed that there was a growing pressure to collaborate with other businesses in the sector; in addition, continued innovation is key to ensuring sustainable development of the market. 47% admitted they had not reached their goals.

The new report comes hot on the heels of comments from Shell’s director of UK upstream business, Paul Goodfellow. Speaking in Aberdeen, Mr Goodfellow suggested that many companies in the oil and gas industry were living in the dark ages when it comes to collaboration.

John Wishart, the energy director for Lloyd’s Register, said: “The oil price slowdown is clearly impacting investment in innovation initiatives. However, our report finds that contrary to perceived wisdom, innovation has a crucial role to play in the current environment, where it creates operational efficiencies and is cost effective. To innovate properly and achieve business goals companies must address a number of common challenges, including collaborating more openly, using data more effectively and changing traditional mind-sets.” Mr Wishart added that although innovation is lacking, companies do actually understand the need for it and have begun to reach out to other sectors for support.

There is also an increasing focus upon collaboration, with both those inside and outside needing to adapt technology to suit their needs. Of those responding to the poll, two-thirds said they feel under pressure to collaborate. When doing so, upstream firms tend to focus on a project’s early stages, often concentrating on safety. Overall there is a growing culture change within the oil and gas industry that supports the integration of genuine innovation and collaboration.

Forecasts for oil prices in the coming year fall between $50 and $70, according to the majority of gas and oil executives, with a majority of 27% believing it will be at the upper end of the price bracket. At this price, it is expected that innovation will be hampered.

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