OTC: Technologies require new business models

The energy industry, suffering a “crisis in technology,” must find a way to compress technology development time from first-generation innovation to product commercialization, said members of a May 4 panel at the Offshore Technology Conference.The industry also must develop new business models for technology growth, panelists said.The industry’s technology crisis developed because exploration and production company cost cuts in the 1990s curtailed research and development, leaving service companies to shoulder most of that responsibility.“Vendors are burdened with a disproportionate share of the risk and an inadequate share of the margin,” in developing new t...

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