Bob Tippee
Editor

The incoming president of the Society of Exploration Geophysicists sees "a strange set of circumstances" emerging in the oil and gas industry.

All signs point to greatly increased demand for energy, including oil and natural gas, notes Craig Beasley, chief geoscientist at WesternGeco and a Schlumberger fellow.

"The way to satisfy that demand would be through new technology and increased effort in the field, yet I think it's fair to say that today that's not being done," Beasley says.

Oil and gas companies, which must produce the needed energy and for which profits currently are high, aren't rushing to respond to the need.

"To be fair, there are signs that activity is increasing, but it will take time to translate into a market response," the new SEG president says.

"We look at the technology spend at oil companies, and it seems to be decreasing," he adds, although exceptions can be found. "There are some major oil companies and a few of the service companies who do believe in technology and are investing quite heavily in the future. I believe that those are likely to be the winners in the long term."