Abstract
Abstract Crude oil prices are in the doldrums, major capital projects are being rolled back due to reduced commercial viability and the overall health of the oil and gas industry seems to be hanging in the balance. Contrary to popular notion, the timing could not be better to review the less than convincing industry approach towards research and development of new technologies. This paper presents a review of the technology research and development process in the oil and gas industry, with emphasis on subsea technologies. It also investigates the approach towards technology advancements in other technology-driven industries such as Aerospace, Telecommunications and IT. It juxtaposes the findings of this investigation with the oil and gas industry. It discusses the key drivers, benefits, risks and overall strategies associated with technology development and adoption across these industries. The investigation reveals a fundamental flaw in the approach to technology research and development in the oil and gas industry. The lessons learned from drawing parallels with other technology-driven industries are used to propose a new approach to subsea technology research and development.
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