innovation

For deepwater development, panelists at OTC emphasized the need for scalable technology, the standardization and simplification of projects, patient capital investment in innovation, greater collaboration, and new perspectives coming from outside the industry.

Anyone selling something new for offshore exploration and production has to be able to answer a simple question from customers, “How can we save some money?” For Norwegian oil companies, change is coming in many forms: steel, sensors, software, and standards.

Low prices require doing things differently. It is a hopeful sign for the future for innovators who have been struggling to keep going and have potential customers with little to spend and a lot to worry about.

The upstream industry is undergoing a transformation. Operators and service providers alike are not just tweaking or fine-­tuning, they are completely rethinking the way they work.

Imagine a machine that could make an automaker competitive by speeding product development, help a jet engine maker create unique parts for more efficient turbines, and allow a baker to quickly create a picture-perfect 3D replica of a flower made of sugar.