The latest oil industry downturn has had a dramatic impact on innovation in the oil and gas industry. Staff and budgets have been cut dramatically, large field developments have been deferred, and new technology initiatives have been severely cut or entirely cancelled. As a result, most oil and gas companies and their supply chain have radically downsized. Some have simply right-sized, and others have completely capsized. Finally, new oil & gas discoveries around the world dropped the last couple of years to their lowest levels since the 1940s after companies sharply cut back in their search for new resources amid falling oil prices. This makes offsetting natural depletion of existing fields even more challenging and can lead to potential supply shortages by the end of the decade. This type of implosion is symptomatic of dramatic commodity price collapses. Remaining competitive in this challenging environment requires a more strategic and holistic approach to oilfield technology development.
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