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Expectations of higher oil prices to 50 - $ 70 a barrel

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Expectations of higher oil prices to 50 - $ 70 a barrel

Wednesday, 11/11/2015 0:13

/ Follow-up / Baghdad news
indicated that the majority of oil and gas companies that volatility in oil prices has led to a slowdown or stop the most creative initiatives, projects, and according to the latest research report issued by Lloyd's Register Energy, specialized group in providing technical consulting services, risk assessment. The report said Such reluctance on the part of companies would not be surprising when we know that 67% of executives in the oil and gas companies believe that the oil price will range between 50- $ 70 a barrel in the coming year, which means more pressure on the private purposes of research and development budgets. In spite of that, the overwhelming majority of 80% of respondents in the survey believe that innovative technologies will be crucial in order to remain competitive, and 46% believe it is important to improve the efficiency of operations and operating and 36% deem necessary to reduce the cost, while believed 35 Bohmiha% in order to reach the potential of energy resources precautions. For example, the nature of price sensitive with regard to dumping water and the use of gas techniques for retrieval of enhanced oil reservoirs operations have made ​​it in the top of the list of priorities at BP. Explains John Wishart Chairman of the Lloyd's Register Energy Inc. "This study, like someone who measures the pulse creations in time the present and the future looks of the scene over the next few years. A key aspect of the study, it measures the way you formulate whereby information form of the energy sector technologies in the future and monitor any lies challenges in its components. "List the challenges that companies must navigate through them in their quest to reach the creative techniques include both ensure the availability of the necessary research budgets 33%, followed by a difference Simple each of diminished work force and the high cost of development. As well as companies should face the problem of repetition of stopping and starting encountered in many of the projects under implementation. It is interesting to find that most companies see themselves as better than their counterparts when it comes to the perception of modern technologies and prepared for development, while we see time itself that more than half companies see that they are not better than others and probably below average when it comes to the application of these new technologies effectively in the field. Almost half of the participants almost consistent 46% that the gradual approach is required in order to promote a culture of creativity. There is no doubt that build on existing between the public and private sector cooperation and explore possibilities transfer applications from other industries like software and biotechnology, for example, to the oil and gas industry will play a crucial role in encouraging trends creative, it has shown some of the participants 16% enthusiasm towards the signing of the kind of partnership agreements for this purpose, while about one-third of the participants expressed more cautious, while almost half, 43% are seeking to engage in the subject in a very cautious and caution, and do not want only to work with small and limited external parties number. He adds Wishart, saying "everyone understands widely that creativity and innovation is vital for a secure and sustainable future of the energy industry, as there is growing recognition of the need for and the search for new and different ways to work be economically feasible, and for me personally, this research shows for all without equivocation that the cooperation in all its forms and manifestations is an essential part and a key of the solution. "among other stimuli major investment in innovative technologies: the need to prolong the life of the assets of 33% and improved safety 32% and sharpen the competitive advantage of the institution 30%. As for the compensation for the lack of skilled labor force, won 18 percent, while his minimize the environmental impact on the proportion of 12%. More than half of respondents expect 56% of that data collection and analysis processes will become important in the operational plans during the next two years. The For the challenges, the existing headlines the 34% concern that the growing use of the data may be hampered because of the lack of data integration facilities across large parts of the business, and the second challenge by 33% respect to the fact that data in some cases may not be relevant or not reliable and can not be reliable. fall key issues and problems facing companies that hopes the introduction of new technologies to the market as follows: militancy excessive regulations and procedures 21% and lack of interest on the part of administration 14% and fears because of safety process 17% management. declares two-thirds of the participants almost that they fall under pressure from for cooperation with other organizations within the oil and gas industry, while he says 60% of respondents said they are encouraged to communicate with parties from outside the sector. Two-thirds believed the participants that the United States will become an exporter positive for oil and gas in two years. expects more than one-third of the participants 38 % to be reduced significantly the ability of OPEC on oil and gas prices control in the same time period any the next two years.

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