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A Central Gulf of Mexico oil and gas lease sale held in June attracted more than $1.7 billion in high bids for tracts on the US Outer Continental Shelf (OCS) offshore Louisiana, Mississippi and Alabama. A total of 56 offshore energy companies submitted 593 bids on 454 tracts covering more than 2.4 billion acres, the US Interior Department announced...

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Are we laggards in technology adoption?

By Mike Killalea, editor & publisher We pride ourselves on innovation, but are actually laggards at technology adoption. “The oil and gas industry tends to have a technology adoption cycle of roughly 30 years from concept to 50% market penetration,” remarked Dustin Torkay, Seadrill, IADC Advanced Rig Technology (ART) Committee vice chairman-Future Technology, adding that this is an eight-year process in the medical industry. Mr Torkay is the driving force behind our 12 June ART Workshop on technology adoption. The afternoon workshop will convene in Barcelona the day before IADC World Drilling 2012. Tom Bates, Lime Rock Partners, an ART workshop panelist, agrees that the pace of technology adoption is “painfully slow.” Mr Bates should know. His long career prior ...

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