Over 75,000 visitors made their way to the ONS (Offshore Northern Seas) 2014 exhibition and conference in Stavanger this month to hear industry experts speak about this year's theme of 'change'.
The 40 year-old, three-day event raised several issues the industry faces over the next few years, including the need for new talent, new equipment and new techniques. Here's 3 of the biggest findings from ONS 2014.
Focus on Enhanced Oil Recovery (EOR)
Trevor Garlick, Regional President of BP North Sea urged the industry to start including EOR techniques and systems in the opening dialogues of new reserve discoveries.
Also known as the tertiary phrase of oil production, speaking to Energy Voice Mr Garlick said, "There’s an old saying that the best time to plant a tree is 20 years ago, but if you can’t do that plant one now."
“My suggestion would be to start planting some EOR schemes today.”
He also went on to praise the work of Sir Ian Wood and his industry review for pushing EOR into the limelight of the UKCS's agenda.
New technology breakthrough required
As well as pointing towards the need to collaborate better between partners, keynote speaker Tore Halvoren, Senior Vice President at FMC talked about the need to make faster technological breakthroughs.
“The first rule of getting costs down is to use less parts but we have to have a way to reach the level of industrialisation we deserve.”
“One of the main dilemmas we face in regards to technology is the fact that it takes around 30 years for a step change in technology to penetrate 50% of the market.”
Tore highlighted the success rate of an offshore subsea pump's market penetration rate compared to an onshore version. In the same time period, the offshore captured 3.5% of the market compared to the onshore's 95%.
Mr Halvoren also suggested bringing a group mentality to the industry to tackle speed of new innovations and ever-increasing operating costs.
Reduce the red tape
Complicated and lengthy documentation processes were flagged as a weakness within the oil and gas industry - with example documents as long as 2,000 pages highlighted at the conference.
Speaking on the issue, Arne Sigve Nylund, Executive Vice President of Statoil urged the supply chain to increase efficency and streamline processes as part of an industry wide effort to manage negative costs and secure the future of the NCS.
“We are investing more while production is diminishing and returns are dropping. This isn’t a Statoil specific challenge this is a challenge for the industry as a whole and it’s not sustainable as it its now.”
He also called on the Norwegian government to continue to provide a framework for the industry to operate in.
ONS 40th Anniversary
The President of ONS Leif Johan Sevland looked back on 40 years of the ONS conference as well as how the industry has changed over the past four decades. Watch the video below:
Top conference tweets
A new record yesterday: 30 531 visitors at #ONS2014! The total number of visitors so far is 75 094. You still have a chance to come today!— ONS Exhibition (@ONS_Stavanger) August 28, 2014