Is new technology uptake too slow in the E&P industry?
OTM Consulting will today give the keynote presentation at the Rice Alliance for Technology and Entrepreneurship’s 13th Annual Energy and Clean Technology Venture Forum. The event brings together global E&P companies, investors and entrepreneurs to discuss investment opportunities and the latest trends in the energy and clean technology industry.
During the event, Henry St Aubyn, Head of OTM’s Houston business, will address the criticisms that the E&P industry faces for its relatively slow uptake and poor deployment of new technologies, and discuss whether these criticisms are justified. The presentation will also elaborate on specific industry drivers of technology adoption and deployment, helping attendees address how to capture the ‘value add’ from new technology developments.
Henry St Aubyn comments: “There is no doubt that the E&P industry has missed out on capturing significant value because it has failed to deploy new technology rapidly. When you look at this in more depth, however, there are often valid reasons behind this lack of speed. Moreover, despite this criticism, there are examples where the industry has nimbly applied new technology and created value through the speed of deployment. However, whether the criticisms are justified or not, in a low oil price environment more timely capture of value from new technology is essential.”
OTM’s St Aubyn will also be moderating a panel discussion at the event around how innovation and technology can reduce upstream, especially offshore, E&P costs, in response to the current crude price environment.
Brad Burke, Managing Director of the Rice Alliance, adds: “We’re really excited that OTM is participating in the event this year. They are a key local partner both for Rice and for the Houston oil & gas community and it is great that they’ll be sharing invaluable industry insights with our audience.”
OTM’s participation at the event is part of its industry partnership with Rice University’s Alliance for Technology & Entrepreneurship, focusing on OTM providing industry expertise and financial support to Rice’s activities around the creation of technology-based companies and the commercialization of new technologies. The industry partnership was established as part of OTM’s focus on growing its operations within Houston.