I always look forward to the predictions that the gurus come out with at the beginning of each year – from flying cars to peace in the middle-east. They are usually wrong.
I’m more inclined to look back to 2002. Why 2002 you may rightfully ask? A year most of us would like to forget – Britain didn’t exactly shine at the winter Olympics and we said goodbye to the Queen Mother. Arsenal won the FA Cup – again. Well, that was the last time oil was trading below $35 a barrel. Natural gas pricing is now at levels last seen in January 2002. (Inflation adjusted price).
This low oil price environment continues to drive an intense – and necessary – focus on cost reduction. Unless you have been living under a rock – or in Slough – you will be aware that the industry is going through tough times. Field services and operator companies alike are cutting back dramatically as they struggle to remain competitive in a landscape that could soon see oil at $20 a barrel. The general consensus seems to be that oil will remain below an average $50 a barrel for the foreseeable future.
The Industry needs to focus on innovation which is vital for the safe and sustainable future of the industry – and there is growing recognition that the industry needs to look at new and different ways to do this cost-effectively. At Imagen Ltd we find this encouraging, because it shows us that collaboration, in all its forms, is a big part of the answer. The recent inking of the Industry Behaviours Charter demonstrates that there is a greater openness towards collaboration with other firms and receptiveness to technologies from other industries.
Recent studies show that the communication of complex ideas that enable faster, more informed decisions is more effectively done and retained using video content. Managing and distributing your video content using cloud technology is a cost-effective platform for collaboration that also provides enhanced security over sensitive information while protecting the integrity of your brand.
Imagen Enterprise Video Platform has been helping Oil & Gas companies to preserve and navigate their ever growing media libraries. This ensures fast, easy, secure and controlled access to content through a highly-customizable site.