The Offshore Technology Conference is approaching, and this year’s conference will be interesting considering the price of oil and the lack of jobs currently in the industry. Since 1969, representatives of the world’s oil industry have gathered in Houston to recap the past year’s progress in deep-sea drilling and to project the future.
On the docket for 2016: how to lower the cost of offshore drilling. The price of crude oil was $100 a barrel as recently as 2014, but that has since dropped to lows of $30 a barrel. Some of the oil industry’s top engineers, executives, consultants and scientists will reveal ideas and equipment that could possibly lower the cost of drilling; the goal is to be able to keep up with onshore drilling, while compensating for the plummeting prices of crude oil. If offshore companies can extract gas in a more effective, cost controlled manner, the intended reaction would equal more jobs and a stabilized oil industry.
Hopefully, this hit to the oil industry will yield advanced technology that revolutionizes the industry as a whole, and allows for increased job opportunities for those that have been laid off in the wake of the latest oil crisis.