The annual Offshore Technology Conference in Houston is one of the premier expositions of breakthroughs that enable oil and natural gas producers to reach deeper into the ocean faster, cheaper and safer.

Unfortunately for the vendors displaying new implements at NRG Park this past week, the prolonged downturn in oil and gas prices makes it difficult for producers to expand their tool kits when they’re cutting investments and personnel.

Bernard Looney, the chief executive for BP’ s global upstream operations, acknowledged as much in his presentation at the event. (Read more)