PF&C: Price of Oil - Sustainability and Innovation
Oil and gas are certain to be important parts of energy supply for decades to come. Market conditions have lead to massive cuts in capital expenditures and unsustainably low pricing from many oilfield service vendors. While unconventionals are now a significant part of the world's oil and gas production, major projects (primarily offshore) will continue to form the bulk of the additions to production capacity as demand increases and existing production declines. Calls to reduce carbon emissions and decrease energy consumption impacts on the environment will ultimately be followed by further government regulations and taxes. The industry needs to be a proactive part of the solution and can be. Desired goals cannot be met with existing technologies and approaches. The 2016 SPE President addresses these issues interspersing examples and stories.
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