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Improving People’s Lives Hope is not a strategy….but without hope there is no strategy(1). A great benefit of being SPE President is the chance to interact with students and young professionals around the world. Many are anxious about the future, but not panicked. I have been asked if this is the worst time ever in […]

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There are many definitions of sustainability, but the 1987 United Nations Brundtland Commission’s remains a standard. “Meeting the needs of today without compromising the ability of future generations to meet their own needs.” (WCED 1987) Some think oil and gas have little role in a sustainable future; global realities suggest otherwise. How is it that […]

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Baker Hughes is publishing a book titled “Unconventional Resources: Exploitation and Development” covering a wide variety of topics central to optimizing recovery and profitability of these reservoirs. This blog entry includes extracts from the book which will be available in the next few months at http://www.shopbakerhughes.com/ As reservoir engineers, we can analyze most conventional oil and […]

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“You don’t get your social license by going to a government ministry and making an application or simply paying a fee… It requires far more than money to truly become part of the communities in which you operate.” – Pierre Lassonde, President of Newmont Mining Corporation. Introduction The shale revolution in North America has completely […]

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Deepwater exploration, development and production present unique challenges to operators. Safe operations and protecting the environment are primary requirements. Minimizing risks and maximizing recovery are also among their top priorities. With average worldwide rig day rates remaining higher than $300,000 (drillships and semisubmersible rigs), there is no room for unexpected costs resulting from nonproductive time. […]

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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. Manmade barriers isolate and protect To supplement the natural barriers to fluid migration and further protect underground drinking 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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There is a lot more to this subject than is covered here in one blog post. Essentially this is what I think the petroleum engineer as an analyst needs to know. It is far from the level of understanding needed to calculate WACC and many of its applications. Conceptual Framework Several concepts of financial theory […]

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