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Overview
Several ARC Advisory Group analysts recently attended the 2018 Offshore Technology Conference (OTC) held at NRG Park in Houston. More than 61,000 attendees gathered at the annual conference, which featured more than 2,300 exhibiting companies. A key theme that resonated throughout the conference was the increasing use of digital/cloud/IoT technologies to lower break-even costs per barrel and solve current problems that are negatively impacting oil production. At last year’s OTC, it was clear that oil 
companies were becoming open to adopting new technology breakthroughs to help them lower costs and increase operational efficiency. This year, the discussions evolved to include specific applications and how these new technologies could be used to solve known, real-world problems.
Attendance this year continued the downward trend we’ve been seeing since the industry experienced the precipitous drop in oil prices. Despite attendance being down for the fourth year in a row, optimism among the exhibitors appeared to be higher than in the previous three years. Many exhibitors were quick to mention a rebound in orders, although most agreed that the recovery continues to move along at a slower-than-desired pace, with many companies still proceeding with caution.
Staffing Limitations a Hidden Impediment to Digitization of Offshore Technology
Among the key themes we heard discussed at this year’s conference was the shortage of end user resources to implement the necessary changes in work processes when adopting today’s new digital technologies. Oil & gas companies struggle with the increasing loss of in-house expertise, which is forcing their operators and maintenance staffs to focus their full attention on just keeping their operations up and running. This leaves little time to focus on adopting new technologies and business practices.
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Keywords: Offshore Technology Conference (OTC), Oil & Gas, Digitization, Cloud, IIoT, ARC Advisory Group.