LR Energy: Innovation key for oil & gas sector

Lloyd’s Register Energy, the compliance, risk and technical consultancy services group, released its findings from a major oil and gas survey conducted to assess the impact of innovation and investment by operators in America, Europe and Asia.

The key findings of the survey include a marked increase in the R&D budget plan. 73% surveyed believe that the rate of innovation in the sector is increasing. Innovation is drawing on a range of technologies, rather than any single breakthrough with 58% agreeing that future breakthroughs involve ‘bits and bytes’, rather than physical hardware. In the last 2 years, 46% of breakthroughs have been driven by international oil companies and 31% by exploration & production companies.

Commenting on the findings, John Wishart, Director of Lloyd’s Register Energy, 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.â€?

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