The Lloyd's Register Oil and Gas Technology Radar 2015 takes the pulse of innovation now and the outlook for the next few years. The results suggest what you might expect: that investment in innovation is likely to see a decline in the short term, with the remaining investment focused firmly on technologies that will deliver immediate cost efficiencies.
Whilst this is an inevitable response to low and uncertain oil prices, we can’t afford to ignore the longer term impacts of reduced innovation investment. As the study shows, it is well understood that innovation is vital for the safe and sustainable future of the industry – and there is growing recognition that we need to look at new and different ways to drive this cost-effectively. It’s a problem that we, as an industry, need to overcome and, to my mind, the research shows us that collaboration is a big part of the answer.