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Price drop forces new oil research center to change course

The oil price has dropped significantly since the former Maersk Maritime Technology CEO Bo Cerup-Simonsen was chosen to help boost oil productivity in the North Sea as Head of the DTU oil research center. The course of the efforts has been changed, he tells ShippingWatch.

The Head of the Technical University of Denmark's (DTU) oil research center took up the job on July 1st 2014. Prospects for the Danish oil sector looked bright, and the oil price reached more than USD 100 per barrel that year. But the scenario has changed dramatically since then, and so has the reality faced by the center, which is tasked with doing "applicable research" in the form of concrete solutions for the oil industry. Specifically, to help get as much oil out of the North Sea as possible.

Today, a little over two years later, the price of a barrel of oil is hovering at around USD 45 and the possibilities have transformed drastically.

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