|Theme||Visible||Selectable||Appearance||Zoom Range (now: 0)|
The new collaborative series between TWA and SPE Student Chapters, "TWA Student Chapter Spotlight," aims to feature award-winning SPE student chapters from around the world throughout the year. Each article in the series will spotlight a student chapter and share its successes, challenges, and innovative practices. As one of the oldest and largest student chapters in the world, the Texas A&M University SPE Student Chapter (TAMU-SPE) continues to provide students with unparalleled opportunities to gain professional and technical competence. TAMU-SPE had a successful 2018–2019 academic year and will be awarded with the Presidential Award for Outstanding Student Chapter at the upcoming 2019 Annual Technical Conference and Exhibition in Calgary. With 916 members and access to the resources of one of the largest universities in the US, TAMU-SPE assists in complementing the quality of a Texas A&M education with many opportunities, including professional and technical development, philanthropy, mentorship, and community service.
Abstract This paper will describe the launch of a military veteran-themed diversity group at a large oil and gas service company and the value added to the company. The diversity group's mission is to provide veterans and veteran supporters with networking and professional-development opportunities, as well as a platform for providing community service and veteran activism. The diversity group was launched with the vision of creating a professional development network for employees, attracting talented veterans to the company, and benefiting the company and local communities. In an effort to achieve this mission, the diversity group hosts two quarterly service and social events. Social events have focused on internal networking, mentoring, and professional development for group members, while the service events have focused on activities, such as supporting a military-related charity or local charity initiatives. To date, the diversity group has partnered with two 501c3 charities to help drive awareness and increase fundraising efforts, including purchasing a mortgage-free home for a veteran, hosting several community service and professional-development events, creating a national hiring campaign in partnership with the company internal Global Talent Acquisition team, and planning a trip to Washington D.C. to lobby Congress and Veterans Affairs officials to provide diversity group members the opportunity to promote veterans-in-the-workforce initiatives and energy-sector interests. This diversity group allows employees to grow their professional network and develop their career while learning more about the company. It also provides employees with a platform for veteran-themed social activism and community participation. The group allows veteran employees to experience camaraderie similar to their experience while in the military. The goal of this paper is to introduce our diversity group to the broader energy industry and to serve as a model for other companies wishing to foster employee growth, tying the company to the community.
Abstract The Oil and Gas E&P industry has embarked upon the journey to a zero incident workplace. SPE has taken a leading role by organizing forums such as "Getting to Zero - An Incident-Free Workplace: How Do We Get There?" To date, the industry has not yet reached its desired destination. This paper will describe five common opportunities for improvement in organizations that seek to reach the zero incident goal. A systematic examination of a large number of incident and accident investigation reports from a variety of E&P companies and contractors has been conducted, including both near miss and loss events. The analysis identified consistent areas where responses to an unplanned event are not effective in terms of likely reduction in future probability of the event reoccurring. This was found to be the case in a significant proportion of the event reports examined. The issues are common across all segments of the E&P industry examined. By understanding and addressing the identified barriers to success, the E&P industry will be better able to progress the journey to zero.
E&P companies frequently mention portfolio resilience when describing their strategic plans or the composition of their opportunity inventories. As a general concept, the ability to recover from adversity quickly and deliver performance objectives under multiple scenarios is a critical characteristic in any strategic plan. While there is little disagreement in the value of ‘resilience’ as a portfolio characteristic, there is significant variance in the ways this attribute is described or measured as related to E&P portfolios. In many cases, available planning software or valuation tools drive the ways that resilience is considered, resulting in measures that may or may not actually reflect the ability to adapt and still deliver desired performance objectives. This paper provides a structured and repeatable method for quantifying portfolio resilience, with examples provided to clarify the value in applying these techniques.
To demonstrate the methodology, a simple portfolio model reflecting a typical E&P asset portfolio was developed. Resilience as measured using this approach is the ability for a given strategy to deliver set performance expectations when exposed to a broad range of uncertainties or adverse scenarios (above and below ground). These adverse scenarios or ‘torpedoes’ are applied to the portfolio and the cumulative performance difference is computed across multiple objectives and used as a measure of aggregate downside impact. Measuring ‘resilience’ as the ability of a portfolio to recover from selected ‘torpedoes’ in delivering performance is quantified, and portfolio selections are then optimized using linear programming to maximize the resilience measure. The resulting performance of this portfolio is then compared to other optimized portfolios to quantify the trade-offs between performance, resilience, value, and risk. The examples provided clearly depict the value in quantifying a resilience measure and introducing this into the decision-making process. Some of the alternative methods of assessing resilience will also be assessed in this same frame, allowing a direct comparison of these techniques.
While the concepts and techniques outlined in this paper are not entirely new, the combination of aggregate variance computation, linear programming, and rapid assessment of alternative scenarios (torpedoes) provides a practical and replicable measure of E&P portfolio resilience. As objectives and key performance measures are typically fluid, these methods may be adapted quickly for real-time insights into portfolio decisions and value versus risk trade-offs between competing strategic plans.