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Offshore exploration will be slow to come back as companies have delayed billions in projects through 2020. Exploration projects also must complete for funds with brownfields developments like EOR that potentially provide a shorter time to show a return.

A number of companies are pushing for alternative approaches to offshore development that seek to access marginal reservoirs. Their differing and unique ideas call for a departure from the usual playbook, but share a common goal of slashing capital costs.

Well control is built around huge steel machines, but the future of the business is digital. Data have become a critical asset as operators and service companies work to increase the safety and reliability of their products and operations.

As an example of an open system, the oil and gas market is a function of several external forces. Free market supply and demand may not yield a sustainable equilibrium price, but the deferral of capital projects will result in a lack of global supply in just a few years.

A new blowout preventer design shows potential for delivering much greater shearing power than current BOPs. The design is simpler and more efficient than current BOPs.

Wind power via floating turbines could be used to pump oil from remote offshore fields in the way windmills were once used to pump water from wells in arid West Texas.

The next couple of years for the oil and gas industry are likely to be defined by mediocre prices. “It is going to take a long time to get back to the good old days," said Atul Arya, senior vice president of IHS Energy, during OTC.

Of all the attention generated over the opening of the Mexican oil and gas sector to the outside world, one consideration has been largely left out of the discussion: What does it all mean for service companies?

As it has since 1969, the world came to OTC to make critical decisions, share ideas, and develop business partnerships to meet global energy demands.

Presentations at OTC's d5 event included discussion about the impact of industry disruption, the need for innovation, learning from technology failures, and how diversity contributes to success.