‘Increase efficiency of the oil industry’

Manama : Collaboration and innovation will help the oil industry thrive even during periods of low oil prices, an expert has said. 

“Increasing efficiency and collaboration within the oil industry will help the industry prosper in hard times,” said Society of Petroleum Engineers (SPE) President Darcy Spady. 

According to Spady, ‘slow periods’, when oil prices are low are an excellent opportunity to research and share tactical information before the industry becomes “busy again”. 

“When we are in this part of the cycle, it gives us time to do many things that we may not be able to do when it gets busier,” he said.

He said that companies must adopt or innovate new technologies to increase efficiency. 

“The drop in oil prices have had a massive impact on the industry. For us at SPE, we encourage tactical collaboration and dissemination of data through the good and the bad times,” he said. 

He was speaking to DT News on the sidelines of  20th Middle East Oil and Gas Show and Conference.

“It was intriguing to me how all the experts agreed on how we need to learn to live with the low oil prices rather than to wait for the 100$ oil prices to return. This is going to force efficiency and I would like to see that. In this conference I have seen a real spirit of collaboration,” he said. 

One of the challenges faced by the oil industry is recruiting talent, he said. 

“Since the drop in the prices, there have been many people who were fired, or those who retired or left the industry, and its going to be a challenge to replace them,” he said, adding that the Kingdom works hard and is very creative, innovative and has a tremendous potential.