Haldorsen congratulated SPE members on the New 2015 Year and wished them success during this challenging period for the industry:
Dear Fellow SPE Member,
Congratulations on a successful 2014, with 92 million BOEPD produced, 325 Bcf/D of natural gas supplied, 83,000 wells drilled, and USD 1 trillion invested. This energy lifted living standards globally and made the world go around! Well done—please keep "changing the world" in your job description!
In the New Year 2015 there are new challenges, opportunities, and possibilities. The medium-to-long-term outlook for oil and gas is great, but in the short term, we have brought too much to market. Just like USD 150/bbl was unsustainable in June 2008, so is USD 46/bbl unsustainable in January 2015. It may take a while for excess supply to diminish and for new demand to grow. In the meantime, "we cannot control the wind, but we can adjust the sails," and that is what everyone is doing right now.
Do not panic! Will the new normal be USD 100+/bbl again? Nobody knows. Perhaps not. We in SPE and exploration and production (E&P) must, therefore, continue to adapt, renew, and improve to create a better-performing SPE 2.0 and E&P 2.0 via imagination, innovation (in technology, use of big data, the internet of everything, artificial intelligence to drill wells, new business models, collaboration 2.0...), and "creative destruction." SPE strives to play a key role in improving the E&P industry and to offer its members the best ideas, the latest technologies, and a great value proposition all around, without delay. If someone at your company says they cannot afford having people attend SPE meetings when the oil price is this low, suggest that since that is where all the good ideas are, your company cannot afford not to go!
Personally, I think the greatest value is found by disciplines working together. I also think that the quality of forecasting can be improved by closer cooperation. Therefore, let us make 2015 the year of massive cross-discipline thinking and collaboration!
2015 SPE President Helge Hove Haldorsen