Newsweek Vantage Report Finds That The Hydrocarbon Industry Continues To Evolve Rapidly Using Transformative Technologies

NEW YORK, Oct. 30, 2018 /PRNewswire/ -- Newsweek today released the results of a new report on the use of transformative technologies in the oil and gas industry, from their Vantage Thought Leadership division.

The Oil and Gas sector has embraced innovation since its foundation in the 19^th Century. The study finds that this tradition of innovation has continued at pace, and that technologies such as artificial intelligence, cloud applications and the Internet of Things (IoT) are powering a new phase of evolution, and creating efficiencies and opportunities barely imaginable a few decades ago.

The report, entitled "New technology frontiers in the Oil & Gas industry" is based on a global survey of 263 energy professionals at senior executive and management level, all working in enterprises that have strategic interests in the oil and gas industry.

The report finds that technological investment and innovation is happening at pace, across the industry, is largely funded internally and is driven by a desire by all to make operations safer, more efficient (thereby preserving profit margins) and less environmentally impactful.

Dr Carole Nahkle, author of the report said, "The survey confirms that today the Oil and Gas industry's primary focus is on investing in breathtaking technologies that will boost the efficiency of its operations and competitiveness, marrying old and new practices and products while minimizing its environmental footprint."

Dev Pragad, CEO of Newsweek, commented, "It's fascinating to see how Oil and Gas enterprises are continuing to evolve in the 21^st Century, and are utilizing new digitally driven technologies to bring not only greater efficiencies to their businesses but also to help them in transitioning away from hydrocarbons to a new greener, and cleaner energy ecosystem."

About the author

Dr Carole Nahkle is an world renowned Energy Economist, specialising in international petroleum contractual arrangements and fiscal regimes; upstream regulations; petroleum revenue management and governance; energy policy and investment; global oil and gas market developments. With expertise spanning the private sector, government and academia, Dr Nakhle has worked with oil and gas companies (NOCs and IOCs), governments and policy makers, international organisations, academic institutions and specialised think tanks. She is a respected and regular contributor to the global debate on energy matters, with numerous articles in academic journals, newspapers and magazines to her credit. Dr Nakhle is the author of two widely acclaimed books – Petroleum Taxation – Sharing The Wealth and Out of the Energy Labyrinth.

About the survey

The analysis in this report was based on a global online survey that was fielded in the first half of 2018. A total of 263 respondents were selected, with roles spanning a range of activities and disciplines. Nearly three quarters came from the private sector and almost all of the remainder are from the public sector. Sixty percent work in oil and gas companies (including upstream, midstream, downstream and fully integrated companies), and the remaining 40% at service providers (oilfield services, professional services and technology providers, among others). The oil and gas interests of respondents' organizations are located throughout the world, with 53% in North America, 15% in the Middle East and North Africa, 14% in Asia-Pacific and 10% in Europe.

The survey was sponsored by Aspen Technology, AP-Networks and Minsait, an Indra company.

About Newsweek Vantage

Vantage is an exciting new division of Newsweek that combines meticulous research and expert analysis to explore topics that are defining the global business environment. This study is the fourth in a series of research reports released over the last few months. Upcoming projects include studies on The Circular Economy, The Future of Cities, and Blockchain & Healthcare.

About Newsweek

Newsweek is the modern global digital news organization built around the iconic, 85-year-old American magazine. Newsweek reaches more than 30 million people each month with its thought-provoking news, opinion, images, graphics and video delivered across a dozen print and digital platforms. Headquartered in New York City, Newsweek also publishes international editions in EMEA and Asia.

SOURCE Newsweek