No doubt one of the most talked-about topics of the day when the Mid-Continent Digital Oilfield Conference gets underway today in Tulsa will be the layoffs at Oklahoma City-based Devon Energy.
While nearly 1,000 are losing their jobs, others still in the industry will be on hand for the two-day conference at the Downtown Hyatt Regency.
The effects of low crude prices besetting the oil industry are rippling all across the economic spectrum, especially here in Oklahoma. Dr. Russell Evans of the Steven C. Agee Economic Research and Policy Institute will discuss those economic impacts during the 4th annual Mid-Continent Digital Oilfield Conference.
Evans will examine the ramifications of the continuing depression in oil and gas prices as they apply especially to the mid-continent region according to Cory Durham of Sustaining Oklahoma’s Energy Resources, the sponsor of the conference.
“Low oil prices don’t just affect the oil companies,” she said. “There’s a trickle-down effect all throughout our economy.”
She cited one example was a projected $1.3 billion shortfall in the Oklahoma state budget next year.
Evan’s keynote address is just one of many educational sessions scheduled for the conference today and tomorrow. The conference will also feature a trade show and meet-and-greet networking opportunities.
Despite of, or perhaps because of, the slump in oil prices, producers must keep up to date with the latest development and technologies that will allow them to lower costs and maintain a competitive edge.
Durham says several conference speakers will focus on the use of drone technology not just as it applies in the oil patch, but also where it bleeds over into other areas.
“We’re going to do a breakout session on drones that I’m really excited about. Three or four speakers will talk about all the different ways drones are being applied in specifically oil and gas, but also these companies work with drones in all sorts of commercial applications,” said Durham.
The conference and trade show are open to the public as well as those working in the energy industry. More information is available at digitaloilfieldconference.com.
