Energy Voice has launched its latest sector research campaign aimed at uncovering upstream offshore oil & gas industry opportunities in a low oil price environment.
Dubbed Sub-$50 Oil: New Perspectives and Hidden Opportunities, the latest research survey delves into the sector’s current down-cycle, examines its knock-on effects and identifies the critical gains still available regardless of Brent benchmarks.
The survey results will be revealed at a panel event at this year’s Offshore Technology Conference (OTC) on Tuesday, May 3, at the Hilton Houston Post Oak.
To register for the free event click here. To take the survey click here.
Panellists include Paul de Leeuw, director of the Oil & Gas Institute at Robert Gordon University (RGU); Paul Latiolais, director of the Innovation and Commercialisation Centre at Lamar University; Jamie Stark, oil & gas partner at Burness Paull and Jeremy Cresswell, the Press and Journal’s energy editor.
The panel will tackle a range of topics, including the roles diversification and technology will play in a sub-$50 oil price environment.
Burness and Paull partner Jamie Stark said: “The companies that have been hardest hit have been those that are not widely diversified across the life cycle of the industry or have been most exposed to where the cuts have been the deepest, particularly in shipping, fabrication and exploration. For the oilfield services sector, wider diversification across the breadth of the supply chain, coupled with a wider customer base, may make for more resilient businesses. And this may drive consolidation and closer joint venturing activities.”
“I genuinely think in the current environment technology and innovation have a critical role to play not just for the North Sea, but to keep the wider export business-stream here strong,” de Leeuw added.
“Technology also has a huge role to play in keeping the higher value jobs in this sector.
“Having these discussions and addressing how we go about doing that isn’t a ‘nice-to-do’ item. It’s a ‘must-do’ item.
“The conversations need to happen to make people aware of the opportunities still there and take notice of this incredibly important part of the industry.”
De Leeuw and Stark will be complemented by Paul Latiolais, who heads up Texas-based Lamar University’s Innovation and Commercialisation Centre.
The 21,000 sq ft facility provides support to local entrepreneurs who are working to commercialise technological products through support, business planning, and investor match-making. It also acts as a soft landing facility for foreign small-medium enterprises interested in entry to the US market.
Cresswell added: “Ever since the US offshore industry began in the Gulf of Mexico in 1949 and the North Sea during the 1960s, frontier busting innovation has been a hallmark of their success.
“Both energy provinces have not only weathered a series of down-cycles, they have in fact prospered. Had they not then both would have been shut down long ago and onshore production would prevail today.
“On the face of it, the current slump is the worst, at least from a North Sea perspective, but I’m confident this hugely resilient industry will come through the storm somewhat battered, re-invent itself for the ‘severalth’ time and once again prosper. Never forget, that is the nature of this business.”
Energy Voice editor Rita Brown will moderate the free event, which will run from 7am to 8.15am in the events suite on the ground floor of the Post Oak.
The research and breakfast are sponsored by the Regional Economic Development Initiative (REDI) in Texas and Burness Paull, a leading Scottish law firm.
To register for the free event here .