The downturn in oil prices has made it more challenging for producers of unconventional resources, as well as service companies who assist such producers, to enable oil production from their reserves. This is because producers face greater costs when producing from unconventional resources, thereby making it more difficult to compete with traditional producers.
Perhaps not surprisingly, this is driving innovation, as the industry looks to develop new technologies to reduce production costs and remain competitive and relevant. In parallel, innovators are becoming ever more proprietary over their developed technology and more reluctant to freely share, typically choosing to file for patent protection to crystallize intellectual property rights.
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