Image

Roundtable Meeting Discusses Upsides of Low Barrel Prices

April 5, 2016
The round table concluded that the low market price for oil opens up opportunities for implementing innovative solutions that can lower overall costs and optimize investments.

A recent roundtable meeting held by Trelleborg AB (www.trelleborg.com) addressed issues raised in its “Next Level Report,” which collected data from a survey of professionals at all work levels in the offshore oil & gas industry. A main topic of discussion was the current low barrel price. John Drury, managing director of Trelleborg’s offshore operation in the UK, concluded that industry workers should take advantage of the low market price by inventing new solutions that will be beneficial to the environment and the industry as a whole. 

Officials at Trelleborg suggest that depressed oil prices present an opportunity for innovation to advance technology in multiple areas of offshore operations. Accelerated development of alternative and related fields — such as this deep-sea remotely operated vehicle — present additional opportunities in a down market.

“During the years that the oil price was high, specifications were developed by putting specification on top of specification,” says Drury. “Now is a time to review them sensibly and change them. Although we all hope the oil price will go back up, there is a risk when it does that everything will slow back down again in terms of innovation. That would be the irony of the situation. By focusing on engineering and material specifications, the aim is to optimize products that are delivered into the oilfield.”

Trelleborg’s Next Level Roundtable videos can be found on Trelleborg Group’s YouTube channel (https://www.youtube.com/user/trelleborg), featuring roundtable members analyzing the company’s Next Level Report at Offshore Europe in September. They examine the offshore industry and discuss what might be stifling innovation. A copy of the Next Level Report is also available for download on Trelleborg’s website (http://trelleborg.tecs1.com/nextlevel-report). It features data from a survey of offshore professionals at all work levels.

Trelleborg experts and roundtable members will also be available at booth 5541 in Hall A at this year’s Offshore Technology Conference (OTC). (For more information on the OTC, turn to page 42.) They will demonstrate key solutions that can help operators to bridge the gap between cost and performance, and will also highlight some ways that collaboration and innovation can lower project costs, optimize productivity, and retain competitiveness as barrel prices recover.

About the Author

Leah Scully | Associate Content Producer

Leah Scully is a graduate of The College of New Jersey. She has a BS degree in Biomedical Engineering with a mechanical specialization.  Leah is responsible for Hydraulics & Pneumatics’ news items and product galleries. 

Continue Reading

May 10, 2017
Author Brendan Casey lays out his hydraulics know-how that he acquired over 27 years in a simple handbook made for people that want to improve their skills in troubleshooting ...
May 15, 2023
Electrification presents challenges as well as opportunities to re-evaluate and improve upon the design of hydraulics and pneumatics.

Sponsored Recommendations

May 15, 2024
Production equipment is expensive and needs to be protected against input abnormalities such as voltage, current, frequency, and phase to stay online and in operation for the ...
March 13, 2024
With experienced Product Engineers and Customer Service personnel, Altech provides solutions to your most pressing application challenges. All with one thought in mind - to ensure...
March 13, 2024
Introducing the All-In-One DC-UPS, a versatile solution combining multiple functionalities in a single device. Serving as a power supply, battery charger, battery care module,...
March 13, 2024
With experienced Product Engineers and Customer Service personnel, Altech provides solutions to your most pressing application challenges. All with one thought in mind - to ensure...