UK: Oil & Gas Professionals Worry Over Lack of Spending in R&D, GL Noble Denton Survey Reveals

 

A survey commissioned by GL Noble Denton at the Offshore Europe conference in Aberdeen last week suggests oil and gas industry professionals are concerned over the lack of industry spending on research and development.

Nearly three quarters (74%) of participants agreed that a lack of investment into R&D activity by oil and gas companies would have a negative impact on the sector, while 26% thought that there would be few or no consequences if companies fail to act.

Survey respondents were more upbeat when asked their opinions on the future of the industry’s investment activity in the North Sea, however. 57% of participants believe that activity will increase, while 22% think that activity will decrease in the region. 21% of survey respondents had no opinion on the matter.

The poll forms part of a survey being conducted by the Economist Intelligence Unit and commissioned by global independent technical advisor GL Noble Denton. It will contribute to a comprehensive report on the outlook for the sector, to be published in January 2012. The report will gather the opinions of oil and gas professionals and provide a complete view of the challenges the sector expects to face next year and beyond.

Pekka Paasivaara, Member of the GL Executive Board, said: “This survey result outlines just a few of the issues the oil and gas sector faces, which will be explored in detail in the research that GL Noble Denton has commissioned the Economist Intelligence Unit to undertake.

“The research is expected to highlight the views of industry professionals on the balancing of risk and return, the impact of post-Macondo legislation, and the levels and locations of capital investment that companies expect to make in 2012.”

Source:GL Noble Denton ,September 12, 2011;

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