Report suggests oil and gas executives are not hitting innovation targets

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19th November 2015 17:15 - Oil and Gas

A recent piece of research has revealed that 50 per cent of oil and gas executives feel that they have not successfully hit their innovation goalsReport suggests oil and gas executives are not hitting innovation targets for 2015, around a 100 per cent increase since 2014.

The Lloyd’s market research mixed in-depth interviews with senior figures from the industry, with a survey of more than 450 oil and gas professionals from across the world.

Of the respondents, more than 60 per cent said that they were pressured to work alongside other organisations from the industry. As well as this, the findings also suggested that there is an on-going need for innovation within the existing industry and also for the future sustainable development of the oil and gas sector.

The amount of participants who said that they have not met their target has almost doubled to 47 per cent as the price of oil has decreased, with just 26 per cent saying that they’d fallen short in the spring of 2014.

The report, entitled Innovating in a New Environment, concludes that the cyclical downturn should be a motivation for innovation, as opposed to a barrier.

The findings from the interviews and a worldwide survey of oil and gas professionals, makes the case for increasing the amount of technological innovation.

Of the oil and gas executives, the majority felt that oil prices will stand between $50-$70 in the next 12 months. The highest percentage, 27 per cent, said that they believe it will hover around $70. This will hold back investment in innovation in many cases.

The research also explored how oil and gas professionals are placing more emphasis on both internal and external collaboration as they adapt technology from industries outside of oil and gas.

Of the research participants, two in three said that they feel pressured to work alongside other organisations in the oil and gas sector. It was found that when collaborations do take place, upstream companies help with the early stages of a project and safety.

The report also uncovered a cultural shift is needed in order to entirely integrate collaborations in innovation.

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