HOUSTON—Technology has helped oil and gas companies unlock troves of hydrocarbon riches both onshore and offshore, but the industry still needs more technology to overcome challenges.

Some of that could come from startups, if they are able to overcome hurdles to meet the needs of the industry. Speaking on Sept. 11 during Rice Alliance’s annual Energy and Clean Technology Venture Forum at Rice University, a panel of offshore executives gave attendees—including those behind new business enterprises—insight on offshore needs as the sector goes farther and deeper in search of oil.

“There’s a lot of opportunities and I could list all of these but any new technology that allows us to save money and lower our capital and expenses, we’re interested in,” said Jim Raney, director of engineering and technology for Anadarko Petroleum, a wholly-owned subsidiary of Occidental Petroleum Corp.

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