Oil And Gas Professionals News

Companies  in the oil and gas sector are optimistic about their ability to achieve their financial targets for 2020, according to a survey from standards agency DNV GL.While the sector’s growth hangs in the balance for 2020, oil and gas leaders are optimistic that they will weather the storm, drawing on hard-earned cost efficiencies from the past five years to make margin.Some 64% predict their organizations will hit profit targets this year (largely consistent with 62% in 2019), and nearly half (46%) say their companies would still achieve acceptable profits if the oil price were to average less than USD50 per barrel. This is a large proportion…

Senior oil and gas professionals in the United States are among the world’s most confident about the outlook for the sector in 2019, as companies prepare for significant increases in capital expenditure (capex) over the coming months.According to a new research published by DNV GL, 85% of sector leaders in the US are optimistic about the industry’s growth prospects in the year ahead, up sharply from 60% in 2018. This compares with three quarters (76%) reporting confidence among respondents globally.Full of confidence, and buoyed by favourable government energy policies, the majority (71%) of senior oil and gas professionals in the US agree that more large…

Confidence in the outlook for Asia Pacific’s oil and gas industry has more than doubled in the past two years, according to new research published by DNV GL, the technical advisor to the oil and gas industry.According to a new research from DNV GL, three quarters (76%) of senior oil and gas professionals in Asia Pacific are optimistic about the industry’s growth in 2019, compared with 58% in 2018 and 30% in 2017. The proportion of industry leaders who are confident in their own organizations’ prospects has also risen from 59% last year to 74% in 2019. These rises in confidence come alongside intentions to spend more in the year ahead. A third (34%)  of industry leaders in the region expect to increase capital expenditure in 2019, up from just 20% in 2018.

China’s oil and gas industry is set to reinforce efforts to reduce environmental impacts of its projects and operationsin 2019, said a research.According to a new research from DNV GL, six in ten (61%) senior oil and gas professionals in China say their organizations are actively preparing for the transition to a lower carbon energy mix compared to 51% globally. Industry leaders’ focus on decarbonization aligns with the Chinese government’s new ‘Blue Sky’ plan to tackle air pollution by reducing emissions of sulphur and nitrogen oxides and other pollutants by at least 15% from 2015 levels by 2020. The technical advisor to the oil and gas industry said that these findings appear in A test of resilience, the technical advisor’s ninth annual report on the outlook for the oil and gas industry.

As artificial intelligence (AI) systems begin to control safety-critical infrastructure across a growing number of industries, the need to ensure safe use of AI in systems has become a top priority.DNV GL has launched a position paper to provide guidance on responsible use of AI. The paper asserts that data-driven models alone may not be sufficient to ensure safety and calling for a combination of data and causal models to mitigate risk.Entitled AI + Safety, the position paper details the advance of AI and how such autonomous and self-learning systems are becoming more and more responsible for making safety-critical decisions.The operation…

New research by DNV GL, the technical advisor to the oil and gas industry, has revealed that confidence in growth in the Malaysian oil and gas sector has tumbled since 2014, from 96% to 21%, with tough, short-term, cost-cutting efforts expected to increase in 2017. Diversification will be a hallmark of 2017, with 49% of those surveyed looking to increase investment in, or diversify into, areas beyond oil and gas. Thirty-seven per cent of senior oil and gas professionals in Malaysia are actively looking for new gas projects as a result of falling oil prices, compared to 31% globally. However, the Malaysian respondents' views on renewable energy investment in 2017 are divided, with 49% expecting it to decrease while 44% expect it to rise or stay the same.

New research by DNV GL, the technical advisor to the oil and gas industry, has revealed that more oil and gas professionals in Singapore (46%) than globally (31%) are looking for new gas projects. Nearly nine out of ten respondents (87%) believe that gas will become an increasingly important component in the global energy mix in the next ten years – ten percentage points higher than the global average. Short-term agility, long-term resilience is DNV GL’s seventh annual benchmark study on the outlook for the oil and gas industry, providing a snapshot of industry confidence, priorities and concerns for the year ahead. It draws on a survey of 723 senior sector players.

New research by DNV GL, the technical advisor to the oil and gas industry, shows oil and gas companies in Australia are seeking to rebalance their business portfolios and reorganize for a new era. In a period of drawn-out recovery, 45% of senior oil and gas professionals surveyed expect their business to diversify into, or invest more in, opportunities outside of oil and gas. Still, 85% believe gas will become an increasingly important component of the global energy mix over the next 10 years. Short-term agility, long-term resilience is DNV GL’s seventh annual benchmark study on the outlook for the oil and gas industry, providing a snapshot of industry confidence, priorities and concerns for the year ahead. It draws on a survey of 723 senior sector players 1 .

Independent multi-discipline subsea engineering and training firm Jee Ltd. has completed a contract with Decom North Sea (DNS), the representative body for the decommissioning industry, to identify methods of salvage and re-use options for concrete subsea mattresses. The aim of the project, which commenced in February 2015 and saw Jee partner with DNS and Zero Waste Scotland (ZWS), was to identify new solutions for subsea mattress removal which would work without diver interventions during the lift procedure, resulting in improved safety and reduced costs.

In recognition of the breakthrough new enhanced oil recovery – or EOR – technology, BP has been presented with the Distinguished Achievement Award. The award was presented on 4 May, 2014 at the Offshore Technology Conference (OTC) in Houston, Texas. This is the second time in four years that BP has won the award at this major annual gathering for oil and gas professionals. BP's plans to use the new enhanced oil recovery – or EOR – technology from day one of operations at the Clair Ridge field west of Shetland, UK have won BP this major industry award.Until now, emerging EOR techniques have typically been applied to older fields as the oil production rate falls and recovery of oil and gas becomes harder - and uneconomic.

Amid a positive outlook for the industry in 2014, senior oil and gas professionals have predicted that a deficit of skilled professionals will be the biggest barrier to the growth of their businesses in 2014, according to the research report 'Challenging Climates' released by DNV GL. The industry’s dwindling pool of engineering talent has topped industry leaders’ list of professional concerns for a second year running; a trend that is driving up salaries to unprecedented levels in some areas.

Amid a positive outlook for the industry in 2014, senior oil and gas professionals have forecast tighter monitoring of capital expenditure (capex) this year, according to new research published today by DNV GL, the leading technical advisor to the oil and gas industry. While nine in 10 (88%) respondents to the research are confident about the sector, concerns over rising operational costs, a shortage of skilled professionals and competition from international rivals are causing professionals to focus spending on the projects that will provide the greatest return on investment. According to the report, the proportion of companies planning to increase investment in new projects has declined by 18 percentage points over the past three years, from a high of 63% in 2012 to just 45% in 2014.

New research reveals the impact of post-Macondo reform U.S. oil and gas professionals are losing their appetite for risk and are worried about rising operating costs, as they grapple with the consequences of a tougher, post-Macondo regulatory regime, according to new research published today by GL Noble Denton. Despite the new regulations, the vast majority believe that the U.S. will continue to be a leading investment destination, and that the changes are necessary to improve the safety and reputation of the industry, according to the report. The findings come from a study, Reinventing Regulation: The impact of U.S. reform on the oil and gas industry, which was undertaken on behalf of GL Noble Denton, the independent technical advisor to the oil and gas industry.

Delegates at the World Gas Conference in Kuala Lumpur have backed Asia’s ability to deliver the infrastructure necessary to cater to its rapid growth in gas, according to a poll conducted by GL Noble Denton. A poll of delegates at the World Gas Conference in Kuala Lumpur today has revealed that industry professionals are confident Asia is well-placed to support continuing growth in gas consumption through the provision of the infrastructure it needs. A total of 71% of participants…

Australia must work harder to build local oil and gas talent, according to Industry Snapshot Poll. Delegates at the 2012 Australasian Oil and Gas Conference have warned that Australia needs to do more to grow its own oil and gas talent, according to a poll conducted by GL Noble Denton. Oil and gas professionals have called for Australia to do more to build local industry talent, as the country struggles with an increasing shortage of skilled professionals. According to a poll conducted yesterday at the Australasian Oil and Gas Conference and Exhibition (AOG) in Perth, 68% of industry professionals think that Australia invest more in developing a local skills base, while 32% thought that the country is doing enough to increase the pool of local professionals.

Oil and gas professionals tip Australia to become world’s largest gas exporter by 2030. Delegates at the 2012 Australasian Oil and Gas Conference forecast huge growth in Australia’s role in the energy markets, tipping the country to become the largest gas exporter by 2030, according to a poll conducted by GL Noble Denton. Australasian Oil and Gas Conference, Perth – 23 February 2012: Oil and gas industry professionals are confident in Australia’s ability to become the world’s…

International oil companies remain vital to the growth of Asian oil and gas industry. Asia still requires the injection of profit-driven innovation from international oil companies, sector leaders claim. Asia needs international oil companies to continue to play a large and essential role in the oil and gas industry’s research and development activity, despite the growth of national oil companies, a group of the region’s oil and gas industry leaders has stated. The comments were…

Oil and gas professionals are upbeat about the future of North Sea operations, Offshore Europe poll reveals. 57% of delegates at Offshore Europe expect investment in the North Sea oil and gas industry to increase in 2012, according to Economist Intelligence Unit research commissioned by GL Noble Denton. Offshore Europe, Aberdeen – 7 September, 2011: Oil and gas industry professionals are optimistic that there will be increased investment activity in the North Sea next year, according to a poll conducted yesterday at the Offshore Europe conference in Aberdeen.

GL Noble Denton commissions new Economist Intelligence Unit report on the outlook for the oil and gas industry in 2012. GL Noble Denton, the independent technical advisor to the oil and gas industry, is calling upon sector professionals to contribute to what will be one of the most comprehensive sector outlook reports to date, a sequel to the Economist Intelligence Unit’s commended study: Deep water ahead? The outlook for the oil and gas industry in 2011, sponsored by GL Noble Denton earlier this year.

Oil and gas industry professionals are divided in opinion on whether the price of a barrel of oil will exceed $150 by the end of 2011, according to an Industry Snapshot poll conducted by GL Noble Denton at the SPE Offshore Technology Conference (OTC) 2011 in Houston. 52% of participants believed that oil will not exceed $150 per barrel by the end of 2011, while 48% thought it would. Nearly three quarters (72%) of participants in the research also felt that the industry is not doing enough to avert an impending shortage of technical professionals…