Oil Execs Focus on Furture at OTC

Innovation and consolidation are among the hot topics being discussed at this year's Offshore Technology Conference.

Since the downturn, Baron Lukas, CEO of ELS, says companies have been rushing to become more efficient both in size and technology.

“Our company sells nanoActiv HRT which is a nanoparticle product proven to disjoint oil from rock formations, fragment that oil into smaller bits and make it easier to go up the wellbore,” he says.

We've also seen lots of movement like Marathon Oil spinning off its petroleum division which bought San Antonio-based Andeavor.

“They're consolidating the market, getting more efficiencies,” says Lukas.  “Where ever you have land or whatever basin you have land in, making that consolidated so you don't have a widespread production problem or logistics issue, all of that is happening right now.

Lukas says the Trump administration also has rolled back regulations resulting in higher profits.

“We have a great tax program now and deregulation of things that were just nonsensical is helping everybody in the oil and gas business which helps the general economy and certainly helps the price of oil at the pump a little bit.”

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