• A commitment to innovation. Oil, gas, and coal enterprises are investing in a wide range of technologies, and the pattern of these investments is not expected to change radically over the next five years.

• The biggest surprise. Green energy is preferred by early adopters throughout all fossil fuel sectors green energy, especially alternatives to oil and coal, as well as technologies that are intended to reduce the environmental impact of oil, gas, and coal extraction.

• Generalizing the trend. The Internet of Things (IoT) and mobility/cloud technologies are the most popular investments among a range of transformative technologies. These particular digital solutions are expected to remain the top choices for the next five years.

• A stick is more powerful than a carrot. Regulatory and policy mandates are the main drivers for investing in new technologies, RD&D, and innovation; of secondary importance is financial profit and/or ROI.

• The same but different. Fossil fuel companies (producers of oil, gas, or coal) are more likely to invest in alternative “green” energy; whereas the sector’s service providers (like Schlumberger or Bechtel) are more likely to invest in technology.

• Resistance. Older managers are the biggest barrier to adopting new technological solutions. The chief reason for resistance is a fear of price fluctuation.

• The fastest changing sub-sectors. The areas where transformative technologies are having the biggest impact are production-related: operations, maintenance, exploration and extraction.

• The preferences of leaders. Survey respondents who self-identified as a “leader who embraces innovation” are likely to say they are investing in automation, robotics, mobility and smart machines.

• Beyond digital: hard-tech fossil-technologies. While most respondents were most interested in digital technologies, many were “more than intrigued” by the possibilities for innovations in hard-tech. Ones to watch:

• Hydrogen. Though still more expensive than natural gas, hydrogen is being tested in refineries to make oil products cleaner and to reduce the sulfur content of diesel.
• Carbon capture and storage (or carbon capture, utilization and storage). A 20-year-old technology, carbon capture garners enormous interest, especially in the coal sector, now that policy-makers are currently considering new and supportive subsidies, like the Enhancing Fossil Fuel Energy Carbon Technology (EFFECT) Act.
• Enhanced oil recovery. EOR has long been used by operators to extract more oil from a reservoir, but there is growing interest in alternative methods, such as harnessing solar energy to produce steam that can improve oil recovery rates.
• Floating processing plants. Mobile plants allow small, offshore gas fields to process and liquefy on-site, speeding up the velocity of the overall offshore market.

Please also see the compendium of anecdotal responses.

​A detailed survey report is forthcoming.