In January 2016, the price of oil fell to its lowest level since November 2003 [1] and six months on, Bloomberg is reporting that the oil and gas industry is set to cut USD 1 trillion from planned spending on exploration and development. [2] There is no doubt that cuts in spending and costs remains top of the agenda, and the impact of falling oil prices continues to ripple across all areas of the industry. A report by Rystad Energy estimated that the value of Norway's state-owned oil and gas fields has fallen by more than USD 50 billion in the last two years [3], but with this industry downturn comes an increased appetite for innovative technologies that can bring both new opportunities and cost saving.
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