How the oil and gas business finds investors is changing. Again. But it may change back. Or not. “The private equity firms that have traditionally funded new hydrocarbon companies are facing new pressure from their investors to stop placing capital in oil and gas, and the desire for quick profit – or even profit at all – has become secondary to a perceived battle against carbon dioxide,” said Don Burdick, who understands how counterintuitive not making a profit sounds. On the surface, it’s a startling development.
And we’re back. With high oil and gas prices and strong demand driving renewed interest in production, the energy industry is returning to the unconventional resources business in a big way. The upcoming Unconventional Resources Technology Conference is once again an in-person meeting, back in Houston this month, June 20-22, with a major emphasis on practical ways to boost output and introduce efficiencies.
The AAPG Advisory Council is entrusted with matters involving ethics and discipline, long-range planning, constitutional review, nominations for officers and honors and awards and other special projects as requested by the Executive Committee. That long-range planning piece is very important, yet easily lost in the flurry of nominations and honors and awards. Fortunately, under the leadership of past presidents Rick Fritz, Mike Party and Denise Cox, the AC is examining the status of geoscientists and how they are viewed within the industry and by the public, the future of petroleum and energy, and the future for geoscientists.
The global shift from greenhouse gas-intense, carbon-based fuels toward alternative energy sources and technologies sometimes produces unintended negative impacts. Experts at the Bureau of Economic Geology at the University of Texas at Austin are mounting a major study of these effects – the Comparing Electricity Options research consortium – with the intention of helping to identify and mitigate such unintended outcomes.
In February, TotalEnergies announced a significant light oil discovery in the Orange Basin, offshore Namibia. Reuters reported a source suggesting that the Venus-X1 well may have found more than 1 billion barrels of oil equivalent. This was the second significant discovery announced in the basin that month. The offshore continues to deliver new oil and natural gas discoveries worldwide. And as this issue hits your inbox, the offshore is the primary topic of discussion in Houston as the 2022 Offshore Technology Conference returns to NRG Park from May 2-5.
Listening to “King of the Mountain” by Midnight Oil, a song about a foot race up the wickedly steep Mount Cooroora in Australia, prompted me to think about whether it is good to be the king, or to be in a position to just help others get to the top of the mountain. We do not need royal powers or superhuman running ability to make a difference for people participating in AAPG activities. Making a difference can be much simpler and just requires the will to make the climb and help others along the way.
Supposedly Walt Disney said, “I don’t know if it is art, but I know I like it.” I am reminded of this quote and feel the need to paraphrase it: “I don’t know if it is rude (or worse), but I know I don’t like it.” I think we’d all agree that we live in an amazing time – the Digital Age. With a few keystrokes we can communicate, almost instantly, with friends and colleagues next door or halfway around the world. I think we’d also agree that sometimes non-face-to-face discussions can lead to communication that is not always well thought out, complete and properly tempered. Also, non-face-to-face communications sometimes loses the nuances of facial and physical gestures.
Upon acceptance into the membership of AAPG, all members are obliged to follow the AAPG Constitution and Bylaws in matters of Association business, professional conduct and personal decorum. The AAPG Ethics Committee is a standing committee composed of five members appointed by the Executive Committee. The committee is charged with evaluating and recommending improvements to matters of AAPG ethics and discipline, providing general advice on professional behaviors and receiving and evaluating ethics complaints submitted by members.
The challenges in acquiring quality laboratory flow measurements in very low-permeability reservoir rock samples has furthered the development of image-based rock physics simulations of multiphase transport properties. The concept of “digital rocks” originated 50 years ago and has become more widespread recently with advances in imaging technology, computing power and robust algorithms for representing complex multiphase flow behavior at the pore scale. Simulation results based on high-resolution images have the dual role of complementing laboratory measurements on conventional reservoirs and acting as a stand-alone predictive tool for unconventional reservoirs where the very low permeability values limit what can be measured in the laboratory.
In the first part of this series, we showed the energy transition will follow an “all of the above” trajectory, irrespective of aspirational messages. Our conclusions are based on the inherent limitations of wind and solar low-density energy machines for generating base-load power: low-density energy machines would cover hundreds of millions of acres. Also in part 1, we discussed Princeton University’s Net Zero America report, an outstanding, 18-author study of five models to de-carbonize the United States by 2050. The report does not mention environmental impact of LDEMs.
Courtesy of AAPG and AAPG Datapages, two Discovery Series data sets have been donated free of charge for use as online teaching materials. Discovery Series 10 – Sandstone Petrology: A Tutorial Petrographic Image Atlas 2nd Edition and Discovery Series 15 – Carbonate Petrology: Interactive Petrography Tutorial, both authored by Kitty Milliken, have been posted online for easy accessibility.
AAPG publications are widely read by geologists, geophysicists and reservoir engineers. Are they your target audience? Then take advantage of the many advertising opportunities available in AAPG’s news and journal magazines.
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