Even amidst plunging oil prices, the COGA’s Rocky Mountain Energy Summit pushed full steam ahead this week in Denver. Neal Dikeman, senior venture principal at Shell Technology Ventures, had a lot to say to combat pessimistic feelings for those eager to get into oil & gas and those who have spent their livelihoods cultivating careers in providing energy to meet our consumption demands.
The positive news from Dikerman was that, contrary to popular belief, it is a great time to launch a new oil & gas company. If you try when the market is booming at $140/ barrel, as Dikeman puts it, “you’d get creamed”. “Now, despite low oil prices, there’s a lot of capital and a lot of interest in the exploration and production space” said Brad Thielemann, of EnCap Investments.
Overall, this is an industry that has long been characterized as resilient, and has ridden through many volatile cycles, each time coming out stronger and better. It’s up to fresh, innovative minds to be put to the test to harness the pain that we’re going through now as well as an ever-changing natural resource landscape, to continue to more efficiently meet the demands of our society.