At this moment in our industry, the biggest concern is that the world’s economy is yet to fully recover.
Even with the threat of the Delta, Omicron and forthcoming coronavirus variants, the world seems to have moved beyond the fears. A year ago, BP predicted that the world had reached peak demand because of Covid-19, the push for greener energy, and consumer behavior trends like working from home. Less than a year later, we have surpassed pre-Covid demand levels. As such, we’ve accepted that demand is back and poised to grow as the economy continues its recovery.
However, the more significant threat is in the supply part of the curve. To illustrate: Most investment banks expect to see oil reach $100 per barrel this year because the world’s spare capacity is almost exhausted. This implies that even the slightest geopolitical spark could send the oil price racing for $100. Think of Ukraine, Venezuela, Iran, the Houthis, Yemen, Libya, Kazakhstan and numerous other geopolitical hotspots. To re-secure the world’s supply, the industry needs capital, people, favorable policies and technology. Right now, these factors, save for technology, seem in decline because of one underlying factor: public perception. Where we go from here depends a lot on the reputation of what we do.
The Gulf Coast Section is healthy and looking forward to a promising year. We’re in the implementation phase of the membership committee report and we encourage all section members to renew their membership. For our friends and colleagues who lost their jobs during the pandemic, please note the SPE waiver initiative. It’s an initiative to help our friends, families and colleagues stay connected, educate themselves and be part of the global community during the pandemic.
Please take some time to review the many benefits of renewing your membership or becoming an SPE member:
- SPE webinars are free to members and include live presentations, on-demand online training courses, and videos sponsored by the SPE “Expert Hour” webinars are corporate-sponsored presentations that provide technical content to SPE members and non-members.
- SPE Connect provides members with opportunities to virtually communicate, exchange knowledge and collaborate with other members from around the world.
- SPE Energy Stream provides access to sought-after content from regions worldwide, localized on one Our global audience has the flexibility to watch content relevant to them on their time, through topics delivered live and on-demand each week.
- SPE podcasts feature interviews with industry experts about technical subjects and career advice, messages from SPE’s president, stories about the contributions of our industry to society on a global scale, sustainability topics and much more.
- Conference and workshop discounts are available to SPE members for hundreds of conferences, workshops and courses every That means direct access to innovative technologies, technical knowledge and interaction with colleagues to help you advance your professional development.
- Books and magazines, including e-books, are available to SPE members through the SPE Bookstore, where members receive a discount on every Members also receive a complimentary subscription to SPE’s flagship magazine, the Journal of Petroleum Technology (JPT), and the JPT e-newsletter, as well as discounts on subscriptions to peer-reviewed SPE technical journals.
- Technical papers and libraries, with access to six free SPE papers annually for members, along with deeply discounted pricing on SPE content found on OnePetro. The industry’s most extensive online technical library, OnePetro, contains over 220,000 documents from multiple professional societies in the upstream oil and gas industry.
- Career advancement through leadership and volunteer opportunities that help you build industry relationships through service to society. Members are also automatically qualified for membership in the American Association of Petroleum Geologists (AAPG) and the Society of Exploration Geophysicists (SEG).
- SPE Competency Management Tool, a complimentary, members-only tool to help professionals identify their knowledge gaps and move forward in their careers.
Until next month, Nii Ahele Nunoo