Development of novel technologies for the E&P industry often takes several years. Many ideas for potentially disruptive technologies are brought forward by start-up companies. For them, ensuring sufficient funding may be as challenging as the development work itself. Typically, companies establish joint industry projects together with likely future technology end users – oil companies. An important motivation is that this usually will also release substantial public grants, which in many cases provide the main funds of such projects. However, it frequently is hard to get oil companies to join these projects despite their often relatively small economic contribution to the projects. Reasons are that in the early phase the risk is high, products/services lie some years into the future, and so do the company’s benefits/savings effects of the new technology. Additionally, there may be many projects competing for oil companies’ attention and budgets.
The goal of our assessment was to identify the oil companies that had most to gain from new technologies in a time perspective compliant with development plans. The first step was to make an assessment of all the different applications of the company’s technology and qualify the benefits as compared to current industry practice. We worked out selection criteria for each application that would identify target fields. Next, we applied these selection criteria to our global asset database UCube to filter all fields for which this specific application was important. We analyzed the resulting data set to find out which operators were most exposed to the application – and thus had most to win by having technology developed.
We followed the above approach for more than ten different applications. This provided a full overview of the expected market and a list of key operators that should be good candidates to partner with in projects. Further, we tailored road-show presentations for specific companies, emphasizing the particular benefits for that company.