Lloyd's Register: Lower prices force change

Today's low prices must result in long-term improvements to the way the energy industry does business

Desperate times need desperate measures and there are signs that the oil and gas industry is collectively responding to the new price environment, according to the second edition of Lloyd's Register’s second Technology Radar report, published in November. The oil price has more than halved since the technical consultancy’s spring 2014 survey; and this is the first time that many executives have had to deal with a price fall of this magnitude. But while interviews that the consultancy conducted with the industry revealed a major drop in innovation initiatives, with three quarters of the respondents admitting their companies have slowed or halted them altogether, they have typically been in ex