OE15: Regulation and legislation, mother of invention?

Discussions at Offshore Europe 2015 point to UK and Europe’s energy security, innovation and safety which are considered to be an increasingly important driver of policy, allied with the need to meet stricter environmental targets.

So the question for industry is where the technical and commercial limits can be taken next. The offshore industry is evolving. Risk levels are rising proportionate to the more dangerous environments we are exploring and the technical complexity of the infrastructure we need. Likewise, water depths are increasing and average tree water depth is now around 800  with indications that this could increase to around 1400m by 2020. The pressure to innovate is intensifying. 

Naturally, oil prices and technology innovation are key contributing factors and will drive industry solutions – as the findings from a recent Lloyd’s Register’s global oil and gas survey highlighted; over the coming three years technology innovation will focus on increased recovery, developing cleaner and more efficient hydrocarbon technologies, and new forms of energy provision. Subsea robotics, autonomous underwater vehicles and other ultra-deep water advances are seen as key areas of advancement

With all the technical challenges and different statutory scenarios that could be imposed on operators in the future because of variances in anticipated operational challenges, industry regulation and legislation is seen as the predominant park for innovation in the offshore energy sector, and will be best shaped through collaboration. 

Government and industry must be intrinsically linked. It will require a blend of the best expertise from business, academics, regulators and governments, all contributing to understanding the risks; a blend of design skills, application of science, operations, risk appetite and consequence together with legislation regimes will combine to make regulation more appropriate. Capital will be the underlying factor in this process, but so too will significant technological advancement, clear and consistent policies, and well-regulated efficient markets. 

Find out more at Booth #2C100.