Technology has played and will continue to play a central role in driving down unit costs of projects, but oil companies need to innovate much further than at present to replicate the standardisation successes seen in other industries.
Norwegian economist Svein Harald Oygard, who is a director at advisory firm McKinsey & Co in Rio de Janeiro, told an audience at the ONS conference on Wednesday that the oil industry will likely be the last large industry to embrace standardisation.
Taking
