Survey: O&G Research Spending to Increase

Posted by Michelle Howard
Monday, May 05, 2014

New research from Lloyd's Register Energy explores the drivers for technology and innovation in the global oil and gas industry.
 

 
The Technology & Innovation Radar survey results are released today, May 5, 2014, from booth #2173 at the Offshore Technology Conference (OTC) in Houston by Lloyd’s Register Energy.


It provides insight into the adoption and development of new technologies which are fundamental for the advancement of the Oil and Gas sector in addressing the global demand for energy, and to cope with the environmental challenges in the decades ahead.

  • the top three drivers of research and innovation are:
  1. improve operational efficiency
  2. improve safety
  3. reduce costs
  • 34% of respondents indicated R&D spend is expected to increase by at least 10% in the next two years
  • primary areas of innovation interest are in subsea and remote technology; innovative solutions that support increased uptime and efficiency; and the application of nano technology to better enhance oil recovery in new offshore and onshore fields
  • NOCs and state-backed operators are rapidly increasing their spending on innovation and technology as they expand globally. Radical and breakthrough innovation is the aim
  • oil and gas companies will engage in greater collaboration for R&D in the future by establishing partnerships, creating joint ventures and acquiring start ups

Understanding the issues
To help gain a deeper understanding of the market view, Lloyd’s Register Energy invited sector professionals, leading academics and industry bodies from 17 countries to comment on the adoption of key technologies and innovation, the time line for implementation and the impact technological advancements can have upon safety and efficiency. 20% of the respondents surveyed were based in USA.


“The preliminary results indicate we can expect strong growth for technology,” highlighted John Wishart, President of Lloyd’s Register Energy. “We will formerly announce the findings from the survey in a Technology & Innovation Radar report which will be published in June. With emission regulations and rising energy 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.”


While industry has seen overall reserves and recovery rates rise, the survey indicates this is a result of innovation, such as the increase in shale gas production. Findings from the survey also suggest that technological advances will keep pushing back any possible “peak oil” point for the foreseeable future. More than 75% of respondents believe innovation is speeding up.


Lloyd’s Register Energy’s global Oil and Gas survey has so far surveyed more than 250 professionals and executives from the Oil and Gas sector. 64% were at manager level and 36% being director or above. Companies with up to US$20bn annual revenue were surveyed; more than 92% of respondents were either from a publicly-listed or privately-held company.


“While technology is moving ahead faster than regulation, society and governments are becoming more demanding in their expectations from regulators, and engineering systems have become more complicated and integrated,” highlighted Wishart.


The in-depth survey highlights the pressure on companies to innovate increased sharply in the last two years as the nature of the challenges faced get more complex.


“The current findings underline that new technology is not a barrier.  It is seen as the catalyst for a better performing oil and gas sector and a competitive necessity among the key operators,” said Wishart.


A shared future of innovation
Innovation – new and improved technologies – will be critical in meeting the needs of a growing, and increasingly urbanised, population and to cope with the environmental challenges in the decades ahead. Traditional forms of energy are becoming harder to find, pushing exploration firms into deeper water, more hostile environments and increased technology costs. Finding practical ways to collaborate more closely with other organisations to share development costs for new technologies is a key factor indicated by 26% of respondents.


Aside from making our lives easier, safer and more productive, advances in technology are positively influencing the global economy.


Formal announcement of the results
The findings from Lloyd’s Register Energy’s international survey will be formally announced to its clients and the market in June, and will highlight the trends in how industry is developing and supporting the technical innovations that will play a vital role in the immediate and long-term future of the oil and gas industry.

 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter January 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

The Next Generation of Hull Performance Management

Hull performance monitoring solutions can offer significant fuel savings potential, a fact that is prompting growing interest from the maritime industry. To spur

Honda Marine on Display at Miami Boat Show

Honda Marine is set to market its complete range of outboard marine four-stroke engines at the 2016 Miami International Boat Show, February 11-15, 2016.   At this year’s show,

GTT, DSME Partner for NO96 Max Development

GTT signs a cooperation agreement with Daewoo Shipbuilding & Marine Engineering aiming at the industrialization of its NO96 Max technology   GTT, a designer of

Finance

Funding Secured for Project to Deepen the Delaware River

Dennis Rochford, president of the Maritime Exchange for the Delaware River and Bay, announced that President Obama’s FY17 proposed budget includes $33 million for the Delaware River Deepening Project.

Top 10 Shipowning Nations by Value

VesselsValue has provided a list ranking the top shipowning nations by value, including the percentage change difference against 2015 figures. Although the

Port of Hamburg Reports Bulk Cargo Jump in 2015

The Port of Hamburg reports higher bulk cargo throughput and strong growth in rail and inland waterway seaport-hinterland traffic in 2015 – downturn in container handling.

Environmental

Proposed Changes to Long Island Sound Dredged Material Sites

The U.S. Environmental Protection Agency (EPA) is proposing to amend its 2005 rule that designated the Central and Western Long Island Sound Dredged Material Disposal Sites.

Next Generation Marine Power & Propulsion Conference

The Next Generation Marine Power & Propulsion Conference will be held at the Grand Harbour Hotel, Southampton, U.K. from April 26 to 28, 2016.    This unique

Wärtsilä Supporting Japan's 'Gas Age' Shipping

A total of 16 new gas carrier ships being built in Japan for Japanese owners are to be powered by Wärtsilä dual-fuel engines capable of running on liquefied natural

News

US, India Consider Joint Patrols in South China Sea

The United States and India have held talks about conducting joint naval patrols that a U.S. defense official said could include the disputed South China Sea, a move that would likely anger Beijing,

No Need to Change Tug Workers’ Hours -Study

The American Waterways Operators (AWO), the national trade association for the tugboat, towboat and barge industry, hailed a study conducted for the Transportation

Danelec Marine Making Free ECDIS Upgrades

Ships with older Danelec ECDIS models are being upgraded to new hardware and software   Danelec Marine has launched a program to provide free upgrades of shipboard

Surveyors

BMT Provides Ferry Design for River Murray

BMT Design & Technology Pty Ltd (BMT), a subsidiary of BMT Group Ltd, has completed a design project for the South Australian Government’s Department of Planning, Transport and Infrastructure (DPTI).

DNV GL, RS Ink Cooperation Deal

DNV GL’s Maritime CEO Knut Ørbeck-Nilssen recently met with Konstantin Palnikov, Director General of the Russian Maritime Register of Shipping (RS), at the RS head office in St.

Drones Allow Surveys Without Scaffolds

DNV GL has completed several tests using drones to support hull surveys of vessels. Using drones to visually check the condition of remote structural components

 
 
Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1174 sec (9 req/sec)