“The long term view is positive and I am optimistic on behalf of the future for the oil and gas industry. History has taught us that the oil and gas industry is cyclical. Even in challenging times, we are still at a high activity level”, said Minister of Energy and Petroleum, Tord Lien.
He was among the 13 speakers at the second annual Energy Outlook conference held in conjunction with Arendalsuka, a week-long political event gathering Norwegian top level politicians.
Here are some outtakes:
Tor Henning Ramfjord, General Manager of National Oilwell Varco and Chairman of GCE NODE: “The price of oil is not a challenge, but a real threat. The challenge is how to handle this threat. 40 dollars a barrel gives us an opportunity to rethink how we do business. When we face the next upturn, I believe we will find ourselves extracting hydrocarbons more efficiently than ever before.”
Karl Eirik Schjøtt-Pedersen, CEO of the Norwegian Oil & Gas Association: “Oil and gas remains Norway’s single most important industry, with one fifth of the GDP and one fourth of government revenue. A new poll shows that an overwhelming majority of Norwegians, 85 per cent, are in favor of maintaining the oil and gas industry.”
Lars Høier, Senior Vice President, Statoil: “We focus on competitiveness and climate, which translates to reducing cost and carbon footprint. Big data analytics will become more and more important. On the Grane project, we have installed 500 kilometer of fiber cables. Statoil will invest more in automated drilling control in close relationship with suppliers.”
Anne Marit Panengstuen, CEO Siemens Norway: “The technology is available. We can increase the productivity to develop a more sustainable energy sector. Siemens already has several remote control centers for wind farms and other offshore installations.”
Lars Jacob Bø, Senior Partner and leader of Bain & Company Norway: “Oil and gas has been relatively slow to adopt to new technology. This presents huge opportunities for improvements. The industry needs to adapt to rapid changes. Big data and data analytics, with real-time results are expected to grow by 30 per cent annually in years to come”.
Kjell Eriksson, Regional Manager Oil&Gas, DNV-GL: “A survey within the oil and gas industry conducted by DNV-GL shows that 85 per cent of senior industry professionals say that cost management is either a high priority or a principal focus for 2015. We have identified 30 areas in which the oil and gas industry can become more cost-efficient.”
Hege Kvernland, Corporate Vice President and Chief Technology Officer, National Oilwell Varco: “Winston Churchill once said: Never let a good crisis go to waste. This is a chance to introduce new technology that is already engineered, but never bought by any customers. There has hardly been any kind of innovation in drilling in the last 10 years. Now is the time”.
Anne-Grete Ellingsen, CEO of GCE NODE: “Ten years after integrated operations were introduced at Ekofisk, it is time to take another step. GCE NODE is investing heavily into research, development and innovation to help maintain and increase NODE firm’s global competitiveness. Technology that enable us to transfer more people from offshore to onshore control centers, is key.”