We surveyed 66 oil and gas industry executives from 18 countries across the energy value chain, to find out how innovation is impacting their businesses. The oil and gas respondents in our survey anticipate faster revenue growth than nearly any other sector. Some of this growth may come from energy price increases. But for oil and gas, that is far from the whole story.
The sector has been steadily redefining production possibilities. Technological innovation has made it possible to extract fossil fuels that weren’t accessible just a decade or two ago. Gas from shale and oil from oilsands—these are resources that were considered too difficult or expensive to access in the past, but they’re now transforming the marketplace in North America.
There’s no disputing the fundamental role innovation has played in the oil and gas industry. Technological innovation has had a profound effect on all aspects of the supply chain. Advances ranging from 3-D and 4-D seismology to improvements in distillation and isomerization to liquefaction and regasifaction have had a profound impact on the way companies explore, drill, produce, process and distribute oil and gas. The future will hold many more advances, as energy companies begin to examine nanotechnology, biotechnology, and sustainable chemistry solutions.