A new report reveals that whilst the current environment is creating opportunities for innovation, almost half of oil and gas executives admit they have fallen short of their innovation goals. The number of respondents saying they have fallen short has almost doubled as the oil price has gone down, with only 26% saying they had fallen short in Spring 2014.

These findings form part of the Technology Radar 2015 report being launched today by Lloyd's Register Energy, a leading integrity, compliance and specialist risk consulting services group. The report, Innovating in a New Environment, combines Lloyd’s Register Energy’s expert knowledge with third party insights, to provide data-driven findings on the role of innovation in the current and future upstream oil and gas industry. Through interviews with senior industry practitioners and a global survey of oil and gas professionals, it provides a compelling case for increased technological innovation.

“The oil and gas industry is undergoing a period of significant uncertainty”, said John Wishart, Group Energy Director, Lloyd’s Register. “The oil price slowdown is clearly impacting investment in innovation initiatives. However, our report finds that contrary to perceived wisdom, innovation has a crucial role to play in the current environment, where it creates operational efficiencies and is cost-effective.”

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