Oil prices rise to 50-70 us dollars per barrel

/Continue/Baghdad newsletter pointed out most oil and gas companies that volatility in oil prices had led to a slowing down or stopping most creative initiatives projects, according to the latest research report issued by Lloyd's register energy, group specialized in providing technical advisory services and risk assessment.
The report said that such frequency by companies would be surprising when we know that 67% of executives in the oil and gas companies believe that the oil price would be between $ 50-$ 70 a barrel next year, which means more pressure on Budgets for research and development.

However, the vast majority 80% of survey participants believe that innovative technologies will be crucial to maintaining competitiveness and that 46% see it as important for improving operational efficiency, operation and 36% deem necessary to reduce cost, while 35 percent believed her more important to reach potential reserves of energy resources. For example, the price-sensitive nature regarding dumping techniques and the use of gas for callbacks enhanced oil reservoirs has made it in the top of the list of primitives to BP.

Explains John Wishart, Chairman Lloyd energy "this study as measuring pulse creations at the moment and looking forward to the future landscape over the next few years. One of the fundamental aspects of the study that they measure the way in which information technologies shaping the form of the energy sector in the future and monitor any fall challenges its components. "

Includes a list of challenges that companies must sail through in seeking access to innovative technologies, both to ensure the availability of necessary research budgets, 33% by Nuance both diminished work force and the high cost of development. Companies must also face the problem of repeated breakdowns and encountered several projects under implementation.

It is interesting to find that most companies see themselves better than their counterparts when it comes to visualize modern technologies for development, while at the same time, we believe that more than half of the companies see that it isn't better than the other and probably below average when it comes to the application of these techniques actually developed in the field. Almost half of participants agree almost 46% that gradual approach is required in order to promote a culture of creativity.

There is no doubt that build on existing cooperation between the public and private sectors and explore possibilities of transfer applications from other industries like software and biotechnology, for example, the oil and gas industry will play a crucial role in promoting creative directions, some participants expressed enthusiasm toward 16 percent kind of partnership agreements for this purpose, while about one-third of the participants showed more caution, while almost half the 43% seek to delve into the topic very cautious and prudent, not want only to work With a few and limited external parties.

Adds Wishart said "everybody understands widely that creativity and innovation is vital for the future of safe and sustainable energy industry, there is also growing recognition of the need for and the search for new and different ways of working to be economically feasible, and for me personally that this research demonstrates to everyone without equivocation that cooperation in all its forms and manifestations is an essential part and the main solution".

Among other major incentives to invest in creative techniques: the need to prolong the life of the assets 33% and 32% safety improvement and sharpen the competitive edge of enterprise 30%. With regard to compensation for shortfalls in skilled work force has got 18%, while reducing environmental impacts at 12%.
Expect more than half 56% that the collection and analysis of data will become relevant in their operational plans over the next two years.

As for challenges, tops the list with 34 percent ratio that the growing use of data may be hampered due to lack of facilities data integration across large parts of the business, the second challenge by 33% that sometimes data may not be relevant or unreliable and unreliable.

Falling issues and basic problems facing companies that hopes the introduction of new technologies into the market as follows: excessive tightening regulations and procedures 21% and insufficient attention by management 14% due to fears of safety management of 17%.

Drain two thirds of participants almost fall under pressure for cooperation with other organizations within the oil and gas industry, while 60% of respondents say that they are encouraged to communicate with parties outside the sector.

Two thirds of the participants believed that the United States will become an exporter of oil and gas positive within two years.
More than one third of the expected participants, 38% that greatly reduced the ability of OPEC to control oil and gas prices in the same period of time for any couple.