OTC speaker: 'Space race today is in the energy industry'

OTC speaker: 'Space race today is in the energy industry'




Satisfying the world's surging demand for energy will require rapid developments in subsea and remote technologies for the oil and gas industry as it ventures into deeper waters farther from shore, speakers at the Offshore Technology Conference in Houston told attendees on Tuesday, The Houston Chronicle reports. Industry forecasts say energy demand will grow 30% to 40% through 2030, with oil and gas continuing to feed the majority of power generation, transportation fuels and other energy needs. That will push the industry into risky, new frontiers, drilling higher-pressure wells deeper below the ocean surface to reach remote oil reservoirs, industry leaders say. "The challenges before us, though daunting, are not insurmountable," says Lee Tillman, Exxon Mobil Corp.'s vice president of engineering. "By applying new technology, we can find and produce the energy that the world needs." Derek Mathieson, president of Western Hemisphere operations for Baker Hughes, says technology advancements will be key to meeting growing demand in coming years. "I think the space race today is in the energy industry," Mathieson says, alluding to the Cold War competition in the 1960s that led to the Apollo moon landings. The annual Offshore Technology Conference has attracted 70,000 engineers, geologists and corporate executives from around the world for high-tech displays and discussions on key industry issues. It wraps up Thursday. Get the full story and see photos from the conference here.



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