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.

 


Technology

MN100: BlueTide Communications

The Company: BlueTide is a leader in the provisioning, implementation, monitoring and support of satellite equipment. Combining the power of HUGHES proprietary

Transas to Unveil the ‘Future of Maritime Operations’

Today's maritime industry requires realistic solutions and concepts for a modern, integrated operational infrastructure that delivers a sustainable, viable future,

Damen, Evoqua Team for Innovative BWTS Solution

Two innovators in delivering unique solutions for the maritime sector, Damen Green Solutions and Evoqua Water Technologies will launch the DAMEN BALCON EC 1500

Finance

California: A Strong Shipbuilding State

Fifth in the nation for direct employment, California shipbuilding and repair industry supports nearly 35,000 jobs; Maritime Administrator highlights economic importance

Advent Hires Banks to Sell Control of Brazil Port

Buyout firm Advent International Corp has hired Morgan Stanley & Co and Grupo BTG Pactual SA to advise on the sale of a controlling stake in TCP Terminal de Contêineres de Paranaguá SA,

SUNY Maritime Among 'Best Bang for the Buck' Colleges

SUNY Maritime College has been named one of the best colleges for its price by Washington Monthly.   SUNY Maritime placed in the top 30 schools in the Northeast.

Environmental

GoM Operators Evacuating Ahead of Storm

Offshore oil and gas operators in the Gulf of Mexico are evacuating platforms and rigs in the path of Tropical Depression No. 9.   The Bureau of Safety and Environmental

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

C-Job Designs Flettner Freighter for Switijnk

The Dutch shipping company family Switijnk has contracted C-Job Naval Architects to develop a Rotor Sail-equipped design to meet their specific loading and sailing profile.

News

NASSCO Christens LNG-ready Tanker Constitution

On Saturday, August 27, shipbuilders at General Dynamics NASSCO celebrated the christening and launch of the Constitution, the sixth ship in a series of eight eco-friendly

GoM Operators Evacuating Ahead of Storm

Offshore oil and gas operators in the Gulf of Mexico are evacuating platforms and rigs in the path of Tropical Depression No. 9.   The Bureau of Safety and Environmental

White House Sees a Path to Approval of Pacific Trade Deal

The White House on Monday said it was hopeful it could win congressional approval of the Trans-Pacific Partnership trade pact before President Barack Obama leaves office,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority 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: 0.1248 sec (8 req/sec)