Strategy & Objectives
In the past, the oil and gas industry has been slow in accepting and embracing new technology to find and extract reserves, and has instead relied upon ‘tried and tested’ methods that have been in use for more than 30 years. The traditionally accepted adoption cycle of new technology into industry wide use has often been regarded as a 15-year process. There are however significant strides being taken in the MENA region, led by National Oil Operators for the relatively rapid testing and deployment of new technologies to enhance discovery and recovery of reserves.
Shoaibi Group Research & Development strategy is to invest in technology that can:
- - Control costs by becoming more efficient in the discovery and recovery processes
- - Improve the recovery rates of existing and new fields as reserves usage continues to outstrip new discoveries and world reserves fall
- - Focus technology to the specific geophysical characteristics of the MENA region, when historically development of new technologies by innovative companies has been tailored to the North American and North Sea markets.
Process - Capturing ideas to Commercialization
The business case for selected R&D projects is mainly driven by our ‘development process’. There are four main key stages that any idea/innovation needs to pass through. The first is the ‘Generate and Capture’ stage, where ideas from industry, individuals, from conferences and from papers, etc, are captured and reviewed. The review process asks a certain number of key questions, e.g. is there a demand from the market for the technology for a particular business critical issue to be addressed. If the idea/innovation passes this stage, it enters the concept/feasibility stage.