Almost half of senior professionals in the oil and gas industry believe that there has been underinvestment in inspection and maintenance in recent years, according to a new report by DNV GL.
In a survey of 813 decision makers and technical specialists, 46 per cent expressed concerns about maintenance of key equipment and infrastructure. The findings also reveal that a significant minority of respondents have concerns about safety in the industry.
While 38 per cent felt that safety management protocols were adequate, 26 per cent disagreed. Almost twice as many engineers and technical specialists (28 per cent) as business leaders (15 per cent) believe that strict cost controls have affected safety levels in the sector.
Despite these perceived risks, only 28 per cent of survey respondents plan to increase safety spending this year, with 61 per cent indicating they will maintain current budgets.
“The industry’s strong focus on cost control must continue in the long term for oil and gas to remain competitive and play an increasingly important role in the energy transition,” says Liv A. Hovem, CEO, DNV GL – Oil & Gas. “However, our research confirms the sector’s clear belief that cost control must never come at the expense of safety.”
While cost efficiency has been the top, or a high priority, for more than 82 per cent of senior oil and gas professionals since 2015, 40 per cent of respondents believe digital tools and technologies have already improved safety over the past three years.