Innovation and collaboration are crucial for overcoming future energy challenges, said Shell Projects and Technology Director Matthias Bichsel, a panelist during the Offshore Technology Conference 2012 session "Global Energy Outlook: Changing Patterns," which examined the challenges and uncertainties over the future availability of oil.
"Our industry is faced with great challenge," said Chief Executive of Kuwait Petroleum Corporation Farouq Al Zanki.
However, availability, liability and affordability are vital for the future well-being and prosperity for the oil society, Al Zanki added.
Managing natural constraints such as agriculture, fresh water, minerals and energy can help meet the rising demand if done so properly, said David Eyton, group head of BP’s research and technology. Energy efficiency must act as a primary driver for a successful outcome, Eyton added.
The panelists repeatedly mentioned the importance of partnerships and collaborations amongst the industry. Resources that were previously inaccessible can now be developed through the participation of international oil companies (IOC) and national oil companies (NOC).
Upstream mergers and acquisitions (M&A) of challenged resources have been globalized with broad participation by NOCs, said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company.
Although oil and gas are taking two very different directions today, it is important for companies to focus on invention, innovation and integration in future technology, commented panelist Derek Mathieson, vice president and president of products and technology for Baker Hughes.
Panelists stressed the need for cutting-edge technology for the exploration and acquisition of resources through new subsurface imaging, drilling techniques and digital systems.
Definition of technology is changing rapidly; frontiers must come together in energy efficiency, concluded Mathieson.
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