Over the past months, the global oil and gas sector has experienced a number of widespread challenges. However, it’s at times like these that innovation becomes even more critical. Here, Denise Smiles, OMS’s CEO, discusses the pivotal role innovation and R&D plays within the company, as well as its importance to driving long-term economic success for the oil and gas industry.
In a recent article published by The Oil & Gas Journal, Erik Milito, API Upstream and Industry Operations Group Director at the American Petroleum Institute, wrote about the importance of innovation within the oil and gas industry. As well as associating continued progress to have “made the difference in allowing the industry to produce the oil and gas we rely on in our daily lives”, Milito presented innovation within the sector as a real-world case study of “how the nation can continue to make its general economy grow”.
Furthermore, he explains that R&D has “enabled companies to operate more closely together”, highlighting the offshore energy sector as “a perfect example of how innovation and standards development have combined to enhance the safety in operations”.
I thought the piece was interesting on a couple of levels. As well as being a glowing review of the sector’s continued progress, the article reflects a number of key values shared within our business. At OMS, we pride ourselves in leading the way when it comes to innovation, R&D processes and technological development – both for the oil and gas industry, as well as wider sectors. Working with clients worldwide, we specialise in providing precision measurement products and services to minimise project risk, reduce timescales, streamline processes, improve programme results and help reduce project capex.
Over the next two or three generations, the biggest driver for the oil and gas sector won’t be a fluctuating price point, but instead the question of efficiency and process improvement. Globally, there is only a finite amount of oil remaining and it is our duty to make sure that we are maximising the capability of the industry to extract as much of it as possible, in as efficient, sustainable and risk-free way as possible.
Innovation is therefore key – it has been central to the industry’s past success and will be to its future. Innovation is how we will deliver process improvement.
Precision measurement is one area where innovation can make a real difference to project success in terms of delivering on time and within budget. Looking at the area of end dimensioning and fit-up of deepwater oil and gas pipes – where OMS adds value – it is evident how big this impact can be.
We must therefore continue to champion efficiency and process improvement where we see it and as an industry, we must acknowledge that we have a long way to go and continue to move forward.
It is therefore imperative that we attract the next generation of talented minds into the industry. We face the challenge of a skills gap and an ageing workforce and it’s only through investing in new talent that we can overcome this. Oil and gas, as we know, is an industry that changes constantly and we must evolve with it to ensure the highest levels of operational efficiency at all times.
Alongside oil and gas, our capabilities are also used in numerous other sectors. From aerospace and engineering to food manufacture and male grooming, precision measurement is becoming a key corporate requirement. We are committed to driving the next generation of innovation – not only to further grow our business, but also to support the global economy. There are interesting times ahead!