The market for oil and gas research will remain weak in the short term; any improvements in this market will only come with increasing oil prices. There are still a number of areas that are less vulnerable, including research and technological development, which reduce operational expenses for the company. Examples include new drilling and well technology that leads to reduced drilling time and automated processes that lead to reduced production costs. Technology for increased oil recovery that leads to a better recovery rate is another such example. In this situation, a greater concentration on international markets represents an opportunity for IRIS in these technological areas. Other markets such as research into renewable energy, CCS (CO2 carbon capture and storage), bio technology, the marine environment and research for the public sector will provide good opportunities for continued growth.
The reorganisation of the Norwegian economy gives opportunities for research, development and innovation. There will be opportunities for IRIS here that we can exploit. Examples include the authorities’ increased focus on renewable energy, a new focus on bio economics in Norway and initiatives relating to innovation in the public sector.
New initiatives in the region represent future opportunities for IRIS, including the major focus on transport projects in Rogaland, Stavanger’s position as a European Smart City region and the building of the new University Hospital at Ullandhaug. Overall, these represent many good opportunities for IRIS to achieve national and international positions for its future research.
Collaboration with the University of Stavanger will continue to be important and will be developed so that together we can achieve a stronger position for national and international research funding.
In conclusion, the board wishes to thank clients, partners and other supporting players for their excellent collaboration. The board also thanks the employees for their efforts and excellent technical and professional results in 2015.