Energy Voice has launched its latest sector research campaign aimed at uncovering industry opportunities in a low oil price environment.
Energy travel specialist Munro’s has reported positive interest from UK companies keen to attend the world’s top oil show this year in Texas.
Take a look back at some of Energy Voice’s most watched videos from the past year.
Firms which flew the flag for Scotland at the world’s biggest oil and gas show are already reaping the rewards of taking part in the event. Early feedback from 12 of the 58 companies supported by Scottish Enterprise (SE) to attend the Offshore Technology Conference (OTC) in Houston in the US earlier this month shows they expect to increase their international exports by £50million over the next three years as a direct result. Contracts were signed during the week for projects in the Gulf of Mexico and Brazil, while some of the firms received invitations to tender for other work around the world.
As OTC wraps up for another year, take a look back at some of the highlights from the very beginning. This video takes a trip down memory lane to capture some of the key technology highlights and speakers who have taken to the podium over the decades.
Life might be tough in the oil & gas industry right now, but the chief upstream strategist at oilfield analysts IHS told OTC delegates at an OTC gathering that a staggering amount of new oil production was needed to meet forecast demand. Bob Fryklund said that 50million barrels per day of additional production would be needed to meet projected demand by 2040 ... that’s about 55% more than today. He said that it was possible to see about 20million barrels per day of that figure; after that it became more difficult to identify how the gap would be filled.
In current market conditions, the best way to nurture the skills and profit margins of a Scottish company is to grow it abroad, advises chairman and partner at Scottish independent accountancy firm Campbell Dallas LLP, Ian Williams. The links between Texas and the North-east of Scotland are well known. The latter borrowed the native oil and gas pioneers from the US to kick-start its industry in the North Sea. Now, the UK Continental Shelf is established in its own right and is seen as a testing ground for projects with international potential. The region sends thousands of experts with years of knowledge to work in all parts of the globe.
A trio of accountants from Aberdeen firm Johnston Carmichael (JC) is currently in Houston in the US as part of efforts to spread north-east oil and gas expertise around the world. Granite City office joint managing partners Niall Farquharson and Andrew Walker along with new recruit and tax director Richard Britten are attending the world’s biggest oil show, OTC. Mr Britten only joined JC in April but is already playing a key part in building the firm’s employer solutions practice, which targets companies with internationally mobile employees.
Andrew Millar wants to thank his teenage wayward self.
For many in the North Sea industry, OTC in Houston has become part of the annual ritual. Unlike many such events which come and go in fashion, this one remains the top destination for many of the industry’s players and politicians from a’ the airts. The Offshore Technology Conference has been going strong since 1969 which means it has seen a few extreme ups and downs in the price of oil and plenty gloomy prognostications about the future. But in a sense, the event’s own longevity points to the underlying truth that this is an industry which has long since learned to take such fluctuations in its stride, and perhaps even turn them to advantage. For some of the old Aberdeen lags who have packed their suitcases once more and headed for Texas over the past few days, OTC is a great social occasion as well as a business one – a chance to meet old friends and particularly renew contact with many in the international industry who have, at some stage in their careers, passed through the North Sea industry.
The oil & gas industry is undergoing a major restructuring and nowhere is this more pronounced than in the United States. Since the plunge in oil prices during the latter half of 2014 and early 2015, E&P operators around the world have made cost reductions central to their short-term business plans. Oilfield service companies are coming under severe price pressure, including requests to reduce costs by 50% in some sectors, while rig contract renegotiations are increasingly visible and impacting the bottom line of drillers both on and offshore. At the time of writing, cost reduction initiatives show no sign of abating, despite some signs of life in the oil price.
Scottish oil bosses are anticipating another successful time at the world's top energy show in the US city of Houston. They are attending the annual Offshore Technology Conference (OTC), which starts on Monday. Aberdeen-based energy industry travel expert Munro's Travel and the Press and Journal have organised their regular visit to OTC for 300 delegates through a tie-up dating back to 1973. This large Scottish group began arriving on Wednesday and the last of them will fly in tomorrow.
At this time of year our thoughts turn to technology, right? You did know April 26 is World Intellectual Property Day didn’t you? The “T” in OTC is for “Technology” not “Tee” for golf - but you knew that, right? Technology has the potential to revitalise this industry and the UKCS in particular. Almost irrespective of the oil price we need increased production at lower cost. And we need it soon. It’s not rocket science (or is it?). We need to promote, protect, resource and reward innovation. As for the “World Intellectual Property Day” I don’t expect you to wear the lapel badge. I’m a fan of Geeks, but for this brand they need a new PR company. However we all can, and should, be innovation champions.
Energy specialist Munro’s Travel reports strong interest from UK companies keen to attend and exhibit at the world’s top oil show. Next year’s Offshore Technology Conference (OTC) in the US oil capital of Houston is being held from Monday, May 4, to Thursday, May 7. Executives and experts from leading oil companies will be attending this important event, which attracted a show record of more than 108,000 people last year.