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Some closing remarks

Some closing remarks. Jef Caers Stanford University Stanford, California, USA. Research in economic downturn. What to do ? You do nothing different You take action (cut) You take the opposite action (change & invest) Even Stanford University has fallen in the trap of short term thinking:

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Some closing remarks

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  1. Some closing remarks Jef Caers Stanford University Stanford, California, USA

  2. Research in economic downturn • What to do ? • You do nothing different • You take action (cut) • You take the opposite action (change & invest) • Even Stanford University has fallen in the trap of short term thinking: “When I last spoke to you in January via Stanford Report, the investment climate was difficult. You have all seen the worsening activity in recent weeks” Provost, March 9-09 Since when is Stanford’s planning in terms of weekly fluctuations ?

  3. Global recession or global panic? • Swine flu: • 36000 die of the flu each year • 50 swine flu cases reported so far in the US, nobody died • So: why aren’t you all wearing your surgical masks year round? • Let’s not underestimate our ability to panic ! Panic !!

  4. What is the benefit of research? • Only costs are discounted • Potential benefit is never “discounted” or “prorated” • Cutting research = easy cost-cut = potential future loss Oil Company X Oil produced per day: 3 million barrels Oil price = $60.0 /barrel Sponsor the 10 most critical research consortia in the world: cost = $500.000 Change in Oil price needed per barrel to offset this cost: 0.0004 cents Change in Oil price needed per barrel to offset the cost of drilling 1 more dry exploration wells per year: 4 cents

  5. What are our new investments? • Closer collaboration on data and projects with companies • ENI project Tetris • Celine’s sponsoring by Chevron and project with Yuguang Chen on direct modeling of flow grid • Data from Total, Wintershal, Shell and Marathon • Software • Continued investment in S-GEMS • Open-source plug-ins to Petrel-Ocean 2009 • Availability of MPS • Availability of flow simulation • Availability of writing plug-ins

  6. New focus • Rock physics and seismic modeling • Basin modeling • Groundwater management • Geological modeling/Process modeling

  7. Thank you for you support, feedback and See you next year!

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