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Risks and opportunities associated with shale plays as unconventional projects go global. (Part 3) Some of this material was prepared for presentation at the ADIPEC 2013 Technical Conference, Abu Dhabi, UAE, 10-13 November 2013 in a presentation titled “A Consistent Approach to Source Rock Resource Evaluation and Optimization.” This is the third in a series […]

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Risks and opportunities associated with shale plays as unconventional projects go global. (Part 2/5) Some of this material was prepared for presentation at the ADIPEC 2013 Technical Conference, Abu Dhabi, UAE, 10-13 November 2013 in a presentation titled “A Consistent Approach to Source Rock Resource Evaluation and Optimization.” This is the second in a series […]

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Engineering professionalism and ethics   A great deal has been written about professionalism and engineering ethics. This material along with expanded examples and detailed discussions of engineers as expert witnesses appears in the book Advanced Reservoir Engineering and Management[1]. This blog entry summarizes some of the specific requirements for petroleum engineers. Baker Hughes is committed […]

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For this blog entry I continue to quote from a White Paper prepared by Baker Hughes and available on our website. The complete paper can be obtained here. I will present it here in three parts. Minimizing risks with responsible fluids No regulatory body has documented a single case of fracturing fluid contaminating fresh water […]

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For this blog entry I continue to quote from a White Paper prepared by Baker Hughes and available on our website. The complete paper can be obtained here. I will present it here in three parts. Executive Brief Since the late 1940s, hydraulic fracturing technology has been used in more than a million U.S. wells to […]

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I collect knives. Custom made knives, hand crafted out of exotic materials by some amazing artists. One of my knives has a bolster made of superconducting[1] materials including such unusual elements as yttrium, bismuth, thallium and strontium. Young professionals may not remember the buzz in the industry when scientists discovered superconducting properties in materials at […]

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Decision trees are a useful way to describe alternative scenarios and select the decision that maximizes the NPV or whatever the decision maker is trying to optimize. In decision theory, the most desired outcome is based on the goals and preferences of the decision maker. The reservoir engineer can use decision trees to describe complex […]

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The concept of using simulations to estimate variability and risk has evolved in acceptance and popularity over my career. An understanding of the concepts involved is so fundamental for reservoir engineers that I have chose to illustrate those concepts very simply. A number of excellent references are given for further study. Commercial software is available that can […]

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Many types of risk analysis approaches are used and if the management of a company is successful with one approach it may be hard to justify changing it. One example of an approach that is not recommended, yet still relatively commonplace is the adjustment of discount rates to account for risk. A manager may wish […]

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The application of Monte Carlo simulations is one of the most important tools that reservoir engineers can master in the field of modern risk analysis. Nearly all business decisions are made under conditions of uncertainty. Decision making under uncertainty implies that adequate information for assuring the right decision is lacking and two or more outcomes […]

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