OTC is Optimistic

The mood at the annual Offshore Technology Conference in Houston this week is optimistic. Low oil prices have moved companies towards increased efficiency and innovation in all aspects of oil and gas development. Over 2100 vendors are displaying products to improve efficiency and increase safety. A major goal for drilling operations is to decrease downtime. Caterpillar has rolled out “Smart Iron” a cell phone application to remotely monitor heavy equipment operation from the office. Many see the failed merger between Baker Hughes and Halliburton as a good thing, because mergers mean job cuts.