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Bengaluru, March 29, 2016: Today's energy industry is characterised by challenge and change, so what's the way forward? According to Lloyd's Register at the OFFSHORE TECHNOLOGY CONFERENCE (OTC) ASIA 2016, the answer lies in a sharper focus on driving excellence by collaborating and increasing the interconnected global network of knowledge across the energy and marine industries.

"While the market needs urgent cost reduction it is also for companies to understand how innovative technology and methodologies can drive excellence in efficiency and value. We are showcasing how companies can stay robust and resilient in a shifting global market," says Paul Phyall, Lloyd's Register's Asia Regional Director.

Research by Lloyd's Register Energy suggests that the industry's future lies in collaboration, innovation, data technologies and crossover technologies from other industries.

According to its Oil & Gas Technology Radar, "operational efficiency" is now the top driver for innovation investment. "Improving access to potential reserves" and "increasing the life span of assets" also rated more highly as innovation drivers this year compared to the previous 12 months, suggesting that, as well as nudging down the bottom line, companies are looking to push up the top line by extracting maximum value from resources.

According to the survey, of the companies who consider themselves to be 'enthusiastic' collaborators, 29% of say they are more successful at meeting their innovation goals - compared with 10% of 'selective', 10% of 'cautious' and 16% of 'reluctant' collaborators.

It is widely accepted that innovation is key to safe and profitable growth across the energy industry - and that collaboration can accelerate the development of innovative new technologies. In Asia's market conditions, it is not easy to get new projects and investments over the line, but companies are striving to extract maximum value from previous investments into innovation and technology.

Based on the importance that the energy sector has to society at large, Lloyd's Register is helping to increase dialogue and raise awareness on where industry's resources should focus. The company has hosted a number of global network briefings across Asia to connect institutions and companies in the global energy space that together, can help find solutions to tomorrow's business challenges.

Peter Richards, Vice President of Marketing and Communication at Lloyd's Register Energy says: "What we are seeing from the briefings we have conducted across Asia and beyond is that there is a real appetite for executives to learn from adjacent industries - and taking these learnings to help to advance the efficiency of the industry."

The company believes its role in developing partnerships between industry and academia is important to help nurture collaboration and innovation, shown recently by its Global Technology Centre based out of Singapore which is driving research in to how data can be used to improve integrity; the use of Unmanned Aerial Systems for faster and cost-effective inspection and its leading joint industry projects such as the role additive manufacturing can have in the manufacture of quality engineered components used in the energy and marine industries.

"This is an area where collaboration with industry partners can help to bring risk and costs down to acceptable levels," highlights Phyall.

What’s Next?

The Technology Radar research confirms that the offshore sector is rapidly realigning in response to the low oil price environment and other challenging dynamics. The issues appear to be well-understood, aided by good-quality dialogue and increased collaborative efforts. In this environment, staying afloat requires a new types of inventiveness and open mindedness; an eager and proactive search for novel technologies, approaches and ways of working.

Lloyd's Register will lead discussions on these issues at OTC ASIA from 22 March to 25 March 2016. Meet our experts in Hall 9 Booth #G901 or go online at http://www.lr.org/en/energy/events/otc-asia.aspx [1] for more information.

Presentations will take place on:

Tuesday 22 March

16:00 - 17:30 Plenary Theatre, Level 3, Panel Session 1: Excellence in Execution (Steve Gilbert, VP Operations, LR Senergy)

Wednesday 23 March

16:00 - 16:20 Room 401/402, Level 4 26433, Technical Session 13: FLNG Advanced Cryogenic Structural Collapse Analysis - Part II: Cryogenic Flow and Structural Cooling (Joaquim Pujol Fernandez, Principal Consultant - Technical Safety & Consequence Modelling)

Thursday 24 March

12:00 - 12:20 Room 408/409, Level 4 26848, Technical Session 29: Geotechnical Jack-Ups and Others Determining Scour Depth for Offshore Structures Based on Hydrodynamics and Optimisation (Andrew Pang, LR Energy)

14:00 - 15:30 Room 405, Level 4, Technical Session 33: Asset Integrity I (Session Chairperson - Adrian Tange, Vice President, LR Energy)

16:00 - 17:30 Room 405, Level 4, Technical Session 39: Asset Integrity II (Session Chairperson - Adrian Tange, Vice President, LR Energy)

16:00 - 17:30 Plenary Theatre, Level 3, Panel Session 7: Environment for Oil and Gas Development - High CO2 Fields and Carbon Capture and Storage Moderator (Rick Lemanczyk, LR Senergy)

Friday 25 March

09:00 - 10:30 Plenary Theatre, Level 3 Panel Session 8: FLNG Panelist (Richard Nott, VP Business and Technical Development, LR Marine Compliance Services)

10:00 - 10:20 Room 406/407, Level 4 26490, Technical Session 46: Flexible Pipelines Multiscale Modelling Approaches for Flexible Risers: Procedures, Capabilities and Demonstrations (Ben Edmans, Pipeline Specialist, LR Energy)

14:00 - 14:30 Station 17 E-poster: BOP Shearing: FEA Modelling With Void Coalescence Ductile Fracture Theory (Ben Edmans, LR Singapore Global Technology Centre)

Corporate Comm India (CCI Newswire)

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