These three leaders shared their thoughts on what is in store for the industry over the next 10-20 years, and how we can combine the viability...
When asked how much further technology can go, Mr. Pugh used shale as an example—saying that technology has already enabled a 50% cost reduction, and that there’s potential to cut that amount in half again. He added that technology coming online now can increase productivity by up to 20%.
Another key topic was the industry’s ability to keep pace with global demand. Mr. Gould said that cost is a significant component, and that we need to break the boom-bust cycle by aiming to sanction projects with a bit more rhythm. He believes that, while caution will likely continue through 2018, oil companies need to move forward with getting more long-term projects sanctioned.
It’s going to be about problem solving, working on multidiscipline teams. We’re getting there, but we’re not there yet.
Technology was of course a hot topic, and Mr. Gordenker said it will play a key role, particularly offshore where new, more compact solutions can add versatility and speed to project execution. Mr. Pugh added that data and analytics are having concrete impact on complex projects, increasing control and efficiency with great precision despite complexity.
The group acknowledged that there is a learning curve across our current workforce as we embark on new opportunities. They proposed that the industry needs to shake up its thought patterns and look at new possibilities by recruiting from other industries—drawing on wider experience, and leveraging talent from more diverse sources.
