Deloitte Monitor released a study on the dire need for the Canadian oil and gas industry to innovate in order to, at best, remain competitive and at worst, continue to exist at all.
In a risk adverse culture, where operational efficiency drives the bottom line, broad and systematic innovation is a fundamental next step. Rising costs, multiplying risks, increasing environmental concerns, escalating activism and shrinking margins provide an opportunity for oil and gas to make drastic and widespread changes.
Innovation provides a welcome opportunity to encompass not only economic benefits but also environmental protection, stakeholder engagement, safety and the social license to operate.
Access the report here: Innovation State of Play: Oil and Gas Edition 2016 Deloitte Top Oil & Gas Innovation Trends