Oil technology still key, even at low prices: execs

HOUSTON (Reuters) – Lower oil prices could slow the most difficult drilling projects, but energy companies will keep spending on new technology to stay competitive and prepare for the future, executives said at a conference Tuesday.

“Some really challenging projects might be postponed, but I don’t think, in the long run, we’ll lose anything,” said Lars Ostlund, who markets high-tech oilfield tubing for Sandvik (SAND.ST: Quote, Profile, Research, Stock Buzz). “The need for oil and gas is so huge.”

The industry will need technological advances even if prices fall and projects in the Arctic or new oil shale trends are slowed, said Michael Bahorich, executive vice president of exploration technology for Apache Corp (APA.N: Quote, Profile, Research, Stock Buzz).

“In the lower price environment, you’re actually going to have more of a focus on technology that lowers cost,” Bahorich said.

Reuters