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Importance of Technology

Industry, Academia, and Professional Societies in the 21st Century - New Challenges and Opportunities. Importance of Technology.

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Importance of Technology

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  1. Industry, Academia, and Professional Societies in the 21st Century -New Challenges and Opportunities

  2. Importance of Technology The Energy industry has always been technology-intensive. Now, more than ever, we’re relying on technology to reduce the cost of finding oil and gas, and to improve the efficiency of operations and the quality of products.

  3. Importance of Technology Many field developments require enormous capital investments, many with limited reservoir penetrations or reservoir performance testing. Project economics are most significantly impacted by surface facility and drilling costs, necessitating optimal capacity and production planning to maximize rates of return.

  4. Importance of Technology • Given: • the significant capital investments required today • limited reservoir penetrations • need for optimization of capacity and production • It is evident that:Integration of technology (data) in the complete life cycle of every development is required for the successful completion of any project

  5. Technology for Today’s World Historically, (Company X) relied mainly on its own research and development (R&D) for new technology. However in the 1990’s, we’ve adopted a different model - one suited to a more competitive business environment and reflecting fundamental changes in industrial R&D.* *1998 Major O&G Co. Annual Report

  6. Technology for Today’s World

  7. Brave New World What does this mean for (Company X)? To make the most of our research dollars, we’re broadening access to an expanding external R&D world. One way is by sharing the cost of research projects with other companies.* *1998 Major O&G Co. Annual Report ‘Leveraging Technology’

  8. New Challenges and Opportunities The Opportunity for Academia and Professional Societies: The R&D basis is shifting from inside O&G companies to outside service companies and industry consortia. Technology is shifting from invention by O&G companies to applicationby O&G companies.

  9. New Challenges and Opportunities The Challenge for Academia and Professional Societies: For academia and professional societies to assume the role as technology leaders. The Beginnings: • Education • Multi-discipline (societal) conferences • Multi-discipline publications • Consortia, Forums, Research Institutes

  10. The Future: The Opportunity: For academia and professional societies to become R&D inventors. The Challenge: It cannot happen without you. Your involvement and participation is needed in order for our societies and academia to assume the R&D leadership role.

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