Oil, Gas Poll Reveals Concern Over Reduced R&D Investment

September 2011, Vol. 238 No. 9

A recent survey conducted at the Offshore Europe conference in Aberdeen suggests oil and gas industry professionals are concerned over the lack of industry spending on research and development and the impact it may have on the sector’s ability to grow.

While 74% of participants agreed that a lack of investment into R&D activity by oil and gas companies would have a negative impact on the sector, 26% thought that there would be few or no consequences if companies fail to act.
 
The poll forms part of a survey being conducted by the Economist Intelligence Unit and commissioned by global independent technical advisor GL Noble Denton. Pekka Paasivaara, member of the GL Executive Board, said: “The cost of tighter regulation, higher taxation and operating in extreme environments has caused oil and gas companies to reduce their investment in research and development at a time when innovation is vital.”