Letter of Intent Signed
AAPG Considering PTTC Management
AAPG and the Petroleum Technology Transfer Council in early July signed a Letter of Intent for AAPG to assume management of PTTC activities.
The agreement provides for a due-diligence period of 60 days after which, presuming positive negotiations, the transition to an AAPG-managed PTTC would occur.
Since 1994, PTTC, funded primarily by the U.S. Department of Energy with funds matched by the states and industry, has been a recognized force for transferring exploration and production technology to domestic U.S. producers.
Serving industry locally through Regional Lead Organizations, typically at universities or geological surveys, PTT ’s primary focus has been serving independents.
Congress last year declined to provide FY 07 funding for many elements of the DOE ’s natural gas and oil R&D program, from which PTTC drew its federal funds. DOE ultimately provided $1 million of funding through September 2008 to help PTTC transition to a primarily industry-funded organization.
PTTC’s primary tool for transferring E&P technology is regional workshops, which are supplemented with a strong Web presence, newsletters and other personal outreach. Using these tools, PTTC connects producers, the service sector, consultants, researchers and others with the data and technology information needed to spur technology application.
Topics addressed by PTTC activities have covered the full spectrum of E&P operations, including exploration, unconventional resources, enhanced recovery processes, imaging technology, drilling and completion, hydraulic fracturing and many others.