At the first Future Oil & Gas conference in London, oil and gas industry leaders discussed disruptive innovation and other emerging trends that are shaping the future of the industry.
The oil and gas industry needs to become more collaborative and technology-savvy to stay competitive as the price of oil stays low, digitisation takes hold and new energy sources gain momentum, said leaders of the international oil and gas industry at the inaugural Future Oil & Gas 2017 conference in London.
Michael Jones, Senior Director Strategy and M&A, Halliburton Landmark said: “We discovered from other sectors what it takes to make technologies succeed. The platforms that succeed are open and community-driven. We have to transform ourselves, sharing data, sharing thinking.
“It’s not just a technology shift but also a shift in how people in the industry are prepared to think. Technology is racing at us, we will work it out – but unless we work out how to sit around the table in a more community-centred way we will struggle to make innovation happen. We’ve got to figure out how to fast-track innovation, how to get the bright young things into our industry.”
Tassos Vlassopoulos, Global Marketing Director of Baker Hughes, a GE Company said: “Oil companies have three ways of remaining profitable: reduce cost; manage portfolio; or go into adjacent markets, such as investing in renewables.
“We need to change the way we do things to remain successful. Standardising, modularising and making it easier for service companies to plan for production is important for the survival of the industry.
“If the customer wants lower costs, we can also offer them commercial innovation.”
Fergus Woodward, Partner, KPMG said: “Technology disruption has fundamentally shifted the game. Potential future technology shifts both on the demand and supply side may mean prices stay lower for longer than some market commentators suggest.”
Ben Thuriaux-Alemán, Principal, Arthur D. Little said: “There is now going to be a great wave of technology investment. We are in a very exciting place for the industry.”
Future Oil & Gas will now take place annually as the leading forum for the industry to discuss the future of the industry, the digital revolution, innovation for survival and growth and technologies leading the way to the future profitability.
Other companies participating in Future Oil & Gas 2017 included: Statoil; Fluor; EY Global Oil & Gas; ABB; NAPCON Neste Jacobs; Kongsberg Digital AS; McDermott; The Oil & Gas Technology Centre; Sensile Technologies SA; Rockwell; Dresser Rand; Siemens; Bentley Systems; The Data Lab; AGR Software AS; EnergySys Systems; Acteon; The Oil & Gas Innovation Centre; US-China Clean Energy Forum; Hemingway Corporate Finance; Geologix Systems Integrations; Lloyd’s Register; Energy Ventures; Mergermarket; BMO Capital Markets; Landmark & Halliburton; Kuwait Foreign Petroleum Exploration Company; Yokogawa Electric Corp and many more.