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The Lloyd’s Register Energy Oil And Gas Technology Radar 2014

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About the research: Key inputs

The second research input was in-depth interviews with 16 experts and executives at leading firms

We surveyed over 250 senior executives in the oil and gas industry

SURVEY INTERVIEWS

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About the research: Interviewees (listed alphabetically, by surname)

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The Energy Technology Radar: 5 key categories

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Technology Radar: Near term (before 2020)

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Technology Radar: Medium term (around 2020)

MEDIUM TERM: High pressure, high temperature drilling and multi-stage hydraulic fracturing will have greatest impact

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Technology Radar: Longer term (2025 and beyond)

LONGER TERM: From 2025 and beyond, subsea robotics and autonomous vehicles are seen as most promising, followed by downhole water separation

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Key drivers of innovation

29%

Access New

Reserves

44%

Improve Operational

Efficiency

45%

Improve Safety

43%

Reduce Costs

27%

Increase Asset

Lifespan

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Innovation on the rise: Increased spending, more targeted R&D

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Key barriers to innovation: Costs, ROI and risk of failure

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Deployment is a key challenge

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Changing approaches to innovation

63% agree that NOCs and state-backed operators are rapidly expanding investment into R&D

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Conclusion – Innovate or fail?

• The search for new oil and gas reserves is moving beyond the conventional and easily accessible

• New methods of extracting oil and gas from tough new formations and locations are critical

• Tomorrow’s leaders will show a greater willingness to explore new routes to innovate – or risk failure

Lloyd’s Register Energy

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