American Oil and Gas Reporter - January 2016 - 67
By Christina Lomasney
SEATTLE-Oil and gas exploration, drilling and production always have been
cyclical businesses, driven by commodity product prices that reflect often-
unpredictable supply reserves, global economic, political and demand factors. The
only thing predictable about oil and gas prices is their unpredictability.
Nonetheless, the oil and gas industry has played a dominant role in serving the
energy needs of industrial and consumer markets, owing largely to competitive cost
structures relative to other sources of distributable energy. Consequently, cost
consciousness has become engrained in the industry's DNA, as have adaptability
and innovation.
The oil and gas industry has experienced an unusually long period of price
stability. Despite a very low supply reserve cushion, the 2014-15 pricing cycle has
reminded us of the volatility of the oil and gas market, and has renewed industry
focus on cost cutting, consolidation and competitiveness in this shifting landscape.
But this is an industry with a history of responding to changing market dynamics.
Throughout its history, the industry has demonstrated an ability to innovate on a
massive scale, even when the experts thought it "played out," by redefining market
economics through novel drilling techniques, revolutionary production
enhancements, and enabling new resources through enhanced exploration
technology. The rewards following the current price downturn will go yet again to
those companies that can best leverage technology to reduce both infrastructure and
operational costs, increase asset productivity, and deliver these high-value energy
products to a broader consumer market.
Now, more than ever, technology has an important role to play in defining the
future of the oil and gas industry.
Tech Trends 2016
JANUARY 2016 67
American Oil and Gas Reporter - January 2016
Table of Contents for the Digital Edition of American Oil and Gas Reporter - January 2016
Contents
American Oil and Gas Reporter - January 2016 - Cover1
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American Oil and Gas Reporter - January 2016 - Contents
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American Oil and Gas Reporter - January 2016 - Cover3
American Oil and Gas Reporter - January 2016 - Cover4
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