The offshore oil and gas industry is reaching an inflection point. As the oil reserves in shallow waters reach the end of their production lives, operators must take the long view and drill in deeper waters to find new recoverable resources.
Doing this economically presents some significant challenges – a feat which will require serious innovation if firms which grew up with the North Sea are to successfully export their skills.
Using conventional methods is not an option – it’s simply not feasible to place a production rig above a well in water that’s thousands of metres deep. For that reason, the industry is thinking differently about how it works and how it uses technology.