In our new reality of $50 – 60/bbl of oil, innovation and efficiency are critical to survive and thrive. Innovation is perceived to be a trial and error process where failure is necessary to learn. Adoption of new concepts and technologies is relatively slow in Gulf of Mexico because the perceived cost of failure is high.
The talk will be focused on ideas and technologies that can be applied to achieve 20-50% improvement in CAPEX or operating efficiency without increasing risk profile. Specific field development ideas and efficiency improvements will be discussed. Active participation of operators and suppliers to bring such efficiencies would allow Gulf of Mexico (GoM) to remain relevant, support and compete with US Shale.