Members & Colleagues,
As December draws to a close I would like to thank all ICoTA members for their support and engagement throughout the year.
2021 has been another challenging year for the E&P industry at large but one of resilience, and whilst not yet free of COVID complications we are seeing a return to prior activity levels in many places. Energy transition, decarbonization, and clean energy pursuits are now at the forefront, with pressure and preference from investors and society at large having an impact. Net-zero targets, companies moving into renewable fuels (bio and hydrogen) and some beyond, and carbon capture and storage (CCS) are very much on today’s agenda. This however is coupled with the realisation that hydrocarbons will continue to play a major role in the energy mix for many years to come, with companies actively working to clean the present and manage the transition to the future.
Interest in ICoTA has grown thorough the year, and our global LinkedIn site has now reached 2400 followers. While keeping conferences and workshops ongoing virtually, we have also seen a return to many in-person events and social gatherings within the chapters – in the US, Canada, Europe, Russia, and MENA. What might 2022 have in store for the industry? Increased capital budgets and capex spend, a US shale comeback, an accelerated shift to gas, active M&A, global oil demand growth and more? Whilst all is not clear, there is a positive sentiment with many opportunities for well intervention technologies and services expected.
Season’s greetings to you and your families, and all the best wishes for a safe, healthy, and prosperous 2022 – at work and at play.
Senior Chair – ICoTA Global
December 20, 2021