It’s a strange thing to talk about optimism in the oil and gas industry. Four years after the oil price shock, we’ve had very little to look forward to, with falling revenues and slashed budgets. Still, since things bottomed out in 2016, we’ve seen prices claw their way back up slowly.
Back at the start of the year, oil was sitting around US$65, and managed to peak in June close to US$75. Alas, in the last few months, we’re back down scraping against a US$50 floor, taking some of the fuel out of our engines. Of course, we can take some heart that after four years, we’re all still here, and only the right stuff could make it this far. Energy companies are leaner, tougher and smarter, and a lot of that is thanks to new technology and innovations that have helped keep us all competitive.
The relatively buoyant oil price and the return of the US to the ranks of the world’s biggest oil producer has brought about a wave of new projects. Not only does this means investments, it also provides the industry a chance to take advantage of new technology and processes to make these projects more efficient, cleaner and more cost-effective.
Over the past year, we’ve looked at how digitalisation and new materials, advanced safety features and new drilling techniques can all help companies deliver better results. I think that 2019 will prove to be the start of a new, better energy industry, as technology and funding coalesce.
But, of course, here at InnovOil, the biggest change was the departure of Andrew Dykes, our previous editor, and our new editor, Michael Behr, taking the helm. It is now my duty to thank all the innovators, solutions providers and professionals who have provided insight about the oil and gas industry and the details on their products, along with all the other members of the InnovOil team that put in so much time and effort to create the magazine. And, I must thank our readers, who come back every two months and give value to our work.
InnovOil will return in the New Year as we preview Subsea Expo ahead of its February 5-7 opening. Until then, the team and I wish you all a wonderful holiday season and to join us as we discover what 2019 has in store for the energy industry.