As the technical training manager for Mobil Oil, I hired world authorities on many subjects to teach our employees. Over the years, as we monitored course evaluations, I learned that it takes more than just a world class reputation to provide a valuable learning experience. Unless you refresh the content of a course regularly, it will go stale very quickly – regardless of who’s teaching it. As technology advances, the course has to keep up to remain relevant. [Keep reading]
Drilling and development decisions often involve high levels of uncertainty about various geologic parameters. The industry has become adept at addressing these uncertainties in prioritizing drilling decisions based on expected monetary values (the “Earning” part). Early wells are typically those with high expected monetary values, ideally some combination of lower cost, higher success value, and higher chance of success. What is often overlooked, however, is the value of the information learned for properly sequencing the wells (the “Learning” part). [Keep reading]
