Canadian Energy Companies have invested heavily in technology over the years. Are they being lobbied to abandon existing Tech, or can we see new Technology interacting with our existing Tech? Every now and then, great new technology comes onto the scene with the potential to enhance or replace existing technology. Generally, most of the hype is on replacement and we’re then faced the question of how long we can limp along with our existing technology until we must inevitably make the leap to the new technology. It’s great to get a glimpse of the future but we need to remember that change takes time. Some companies may choose to go faster with their internal applications, but it will take longer for industry applications that require buy-in from multiple other parties. We believe in taking a more evolutionary path rather than a radical, revolutionary path to change, this includes using the new technology to improve our existing technology.
Let’s use the internet as an example. The internet was around for quite a while before it exploded onto the marketplace in the late 1990’s. The hype was that it would cause radical, revolutionary change that was going to change everything overnight. Within a couple years, the .com boom turned into the .bomb crash. It wasn’t because the internet wasn’t going to change everything, it was because it was just going to take longer than many expected. The internet needed time to evolve and people needed time to adapt to it. In the meantime, companies used it to improve their existing technology but ultimately replaced some of that existing technology when better solutions on new technology eventually came around.
We see a similar situation now. There is huge potential for new technology to change the way we do business, but it is going to take a while to mature and for people to adapt to it. In the meantime, there is still potential to improve the productivity of our existing technology with existing technology as well as new technology. Inevitably though, some of our existing applications will be replaced with newer, better applications based on new technology.
For more discussion on Oil and Gas technology, especially for joint venture and owner relations business processes, join us for a luncheon presentation titled “New technology – BOTS, AI, Smart Contracts. Revolutionary or Evolutionary?” with Dave Howden, Business Development at Red Dog Systems Inc.
Thursday November 15, 2018 11:30-1:00pm at The Calgary Petroleum Club
Sponsored by EnergyLink and BOEReport.com