Sustained Oil Research Articles

Saturating Light Induces Sustained Accumulation of Oil in Plastidal Lipid Droplets in Chlamydomonas reinhardtii.

Enriching algal biomass in energy density is an important goal in algal biotechnology. Nitrogen (N) starvation is considered the most potent trigger of oil accumulation in microalgae and has been thoroughly investigated. However, N starvation causes the slow down and eventually the arrest of biomass growth. In this study, we show that exposing a Chlamydomonas reinhardtii culture to saturating light (SL) under a nonlimiting CO2 concentration in turbidostatic photobioreactors induces a sustained accumulation of lipid droplets (LDs) without compromising growth, which results in much higher oil productivity than N starvation. We also show that the polar membrane lipid fraction of SL-induced LDs is rich in plastidial lipids (approximately 70%), in contrast to N starvation-induced LDs, which contain approximately 60% lipids of endoplasmic reticulum origin. Proteomic analysis of LDs isolated from SL-exposed cells identified more than 200 proteins, including known proteins of lipid metabolism, as well as 74 proteins uniquely present in SL-induced LDs. LDs induced by SL and N depletion thus differ in protein and lipid contents. Taken together, lipidomic and proteomic data thus show that a large part of the sustained oil accumulation occurring under SL is likely due to the formation of plastidial LDs. We discuss our data in relation to the different metabolic routes used by microalgae to accumulate oil reserves depending on cultivation conditions. Finally, we propose a model in which oil accumulation is governed by an imbalance between photosynthesis and growth, which can be achieved by impairing growth or by boosting photosynthetic carbon fixation, with the latter resulting in higher oil productivity.

Impact of sustained low oil prices on China's oil & gas industry system and coping strategies

The global sustained low oil prices have a significant impact on China's oil and gas industry system and the national energy security. This paper aims to find solutions in order to guarantee the smooth development of China's oil and gas industry system and its survival in such a severe environment. First, the origins of sustained low oil prices were analyzed. Then, based on those published data from IEA, government and some other authorities, this study focused on the development status, energy policies and the future developing trend of those main oil & gas producing countries. Investigations show that the low-price running is primarily contributed to the so-called oil and gas policies in the USA. It is predicted that national petroleum consumption will reach up to 6.0 × 108 t (oil) & 3300 × 108 m3 (gas) in 2020 and 6.8 × 108 t (oil) & 5200 × 108 m3 (gas) in 2030. For reducing the dependence on foreign oil and gas, the investment in the upstream of oil and gas industry should be maintained and scientific research should be intensified to ensure the smooth operation of the oil and gas production system. Considering China's national energy security strategy, the following suggestions were proposed herein. First, ensure that in China the yearly oil output reaches 2 × 108 t, while natural gas yield will be expected to be up to 2700 × 108 m3 in 2030, both of which should become the “bottom line” in the long term. Second, focus on the planning of upstream business with insistence on risk exploration investment, scientific and technological innovation and pilot area construction especially for low-permeability tight oil & gas, shale oil & gas reservoir development techniques. Third, encourage the in-depth reform and further growth especially in the three major state-owned oil & gas companies under adverse situations, and create more companies competent to offer overseas technical services by taking the opportunity of the “One Belt and One Road” policy. Finally, promote the new energy business and find solutions to turning those oil companies to integrated energy companies.

Microencapsulation of red and white thyme oil in poly(lactic‐co‐glycolic) acid: Assessment of encapsulation efficiency and antimicrobial capacity of the produced microcapsules

AbstractIn this work, microcapsules were formed by coating thyme oil with a biodegradable polymer, poly(lactic‐co‐glycolic) acid (PLGA), through a coacervation process recently developed at our laboratory and previously studied for poly lactic acid (PLA). The coacervation method involves dissolution of the polymer (PLGA 50:50) in dimethylformamide. After adding this solution to the oil/water (o/w) emulsion, and due the insolubility of the polymer in water, polymer deposition occurs around the oil droplets and microcapsule formation starts. PLGA was chosen due to its easy biodegradation and biocompatibility. The active principle, thyme oil, is characterized by excellent antimicrobial activity ascribed to the presence of thymol and carvacrol, its major components. Two types of thyme oil (red and white) were microencapsulated and the produced microcapsules were characterized using optical microscopy, particle size analysis, and gas chromatography (used to evaluate encapsulation efficiency). Antimicrobial activity was preliminarily evaluated following ASTM E2149‐01. Microscopy and particle size analysis confirmed the existence of microcapsules with round shapes, smooth surfaces, particle diameters between ∼45–49 μm, and wall thicknesses ∼3.5 μm. Global encapsulation efficiencies of thyme oil (both red and white) were 70 % and 57 %, respectively. The produced microcapsules exhibited a sustained oil release that ensures a level of antimicrobial activity maintenance desirable for cosmetic applications.

University Research and Development Steady in Industry Downturn

R&D on Campus University research and development is continuing at a steady rate, despite sustained low oil prices. For now, money allocated by the oil and gas industry in previous years is still available for many academic institutions. However, oil prices may eventually take a toll on funding if they remain low when it is time for companies to renew their existing commitments. “Next year is when we will look and see if we have our sponsors, or (determine if) some of them cannot continue,” said Manika Prasad, associate petroleum engineering professor at Colorado School of Mines. Other universities around the world are facing the same pressures and uncertainties. University of Aberdeen Located near the North Sea in one of the world’s major oil and gas capitals, the University of Aberdeen employs more than 150 professors working on energy-related research. “We are not just an oil and gas school at Aberdeen, we have a very broad range of sciences being taught and worked on. So, sometimes the interaction between them produces something unusual,” said John Scrimgeour, executive director of the university’s Aberdeen Institute of Energy. University of Alberta For decades, operators have attempted to use buried electromagnetic coils as an alternative to steamflooding in heavy oil reservoirs, but they consume a great deal of energy and take a long time to work. Tayfun Babadagli, who heads the University of Alberta’s Enhanced Oil and Gas Recovery and Reservoir Characterization group, is leading research to make electromagnetic heating a practical process with the use of nanotechnology. Colorado School of Mines As the industry’s ability to create numerical models of the subsurface continues to improve, one fact remains unchanged: Models are only as accurate as the data used to create them. Manika Prasad, associate professor of petroleum engineering at the Colorado School of Mines, started the Rock Physics and Petrophysics of Organics, Clay, Shale, and Sand initiative in 2011 to improve the accuracy of subsurface models by creating standards for rock physics and geomechanical data collection. Texas A&M University This year, Texas A&M University’s Crisman Institute for Petroleum Research has been shifting its research focus toward projects that will improve recovery in shale reservoirs. The institute was founded in 1982 with the broad directive of producing advances in upstream technology. However, the industry demand for goal-based research that offers a higher return on investment has led the faculty to narrow its mission.

At a Glance …

Following growth of 3.4 per cent in 2014, the world economy will grow by 3.3 per cent in 2015 and 3.6 per cent in 2016.Growth was weaker than expected in late 2014 and inflation has fallen further below target in almost all developed countries;But a sustained lower oil price, if it does not exacerbate the threat of deflation, should provide a significant boost to growth in countries that are net oil importers and for the global economy.

Comments: 2014 Outlook

Editor's column Signs point to sustained strong oil prices this year, levels that will continue to support upstream unconventional projects in North America and elsewhere. North Sea Brent and West Texas Intermediate (WTI) crude oil, the world’s two key benchmark prices, averaged around USD 108/bbl and USD 97/bbl, respectively, in 2013. And most price forecasts for 2014, which began emerging from analysts and investment houses in the fourth quarter, predict similar price levels in the new year. The wild card in that scenario, however, is the growth of non-OPEC supply and production levels from Libya and Iraq, which are difficult to anticipate. North American supply is expected to continue its upward swing, and significant increases in Kazakhstan are also forecast. Commercial production at Kashagan, Kazakhstan’s giant Caspian Sea oil field, is expected to begin in the first half of the year. The field was discovered in 2000, one of the largest finds in decades, but development has faced rising costs and numerous delays. US crude oil production is expected to rise again this year. The US Energy Information Administration (EIA) says US crude output averaged 7.5 million BOPD in 2013 and will average 8.5 million BOPD in 2014. When US production hit 8 million BOPD in November, it was the highest monthly output level since 1988. The EIA believes that growth shows no signs of stopping, with US crude production forecast to come to a high of 9.6 million BOPD in 2016, a level not seen since 1970. The EIA sees non-OPEC production growing from 54.2 million BOPD in 2013 to 55.9 million BOPD this year. Most of the non-OPEC production growth will be from US onshore tight oil formations and Canadian oil sands, with smaller increases from Africa, South America, and Asia. That will continue to put pressure on OPEC, which has watched its market share erode recently. OPEC countries are expected to produce 29.4 million BOPD this year, compared with an average of 30.3 million BOPD in 2013. Oil prices are notoriously hard to predict. Some of the same analysts who forecasts strong prices this year predicted a sharp drop in oil prices in 2013, something that never happened. Nevertheless, there seems to be a consensus that Brent and WTI will remain near their current levels in the new year. A survey of price forecasters published by Petroleum Intelligence Weekly in December showed most analysts seeing Brent in a USD 100-110/bbl range for the near year, and WTI at around USD 90-100/bbl. The survey of 10 analysts at consulting groups and investment banks shows Brent crude averaging USD 106/bbl for 2014, while the average for WTI is USD 97/bbl. Forecasters were optimistic that Libyan output would recover after months of disruption, and that a strengthening global economy would help absorb oil supply growth. JPT

Mobilities and sustainable tourism: path-creating or path-dependent relationships?

This paper advances understanding of tourism mobility trajectories and outcomes by discussing if the trajectory of tourism mobility is path-dependent or path-creating and, therefore, whether tourism is locked into existing sub-optimal pathways, or is there scope for creating significantly more sustainable future pathways. Tourism mobilities are understood in the context of overall shifts in corporeal mobilities, especially the impact of migration on networks and visiting friends and relatives (VFR) tourism. Four main tourism mobilities drivers are considered – technology, markets, cultures of mobility and state intervention – but their impact on mobilities is contested. The concepts of enfolded and substitutable mobilities, and of scapes and flows, are explained and used as intermediary concepts for engaging with the key relationships influencing tourism mobilities. Path dependency is shown to be backed by existing technologies, cultures and markets, together with deeply embedded scapes and substantial investments in existing infrastructure. Trends towards path creation are shown to depend on technological breakthroughs, including virtual tourism, alternative lifestyles bringing cultural change, market conditions brought about by possible sustained high oil prices, and state intervention leading to behavioural change. The concept of “path-dependent path-creation” is discussed along with the powerful influence of uncertainties and unknown future tipping-points.

Monitoring of aggregation and scaling of calcium carbonate in the presence of ultrasound irradiation using focused beam reflectance measurement

Abstract Calcium carbonate scale deposition and aggregation in production facilities are a challenging problem in the petroleum industry. Therefore, scale mitigation and prevention programs are critical for sustained oil and gas production. Scaling can cause deposits in surface equipment, well-bore flow restriction and block near well-bore formation. Thus, it is essential to know if and where this scale will form, as such scale deposits have a detrimental effect on the oil exploration industry. In the past, various techniques have been tested for their potential to reduce the formation of calcium carbonate scale. One such technique popularly used is ultrasound. These studies have either been based on precipitation or deposition of the precipitants and the measurements tend to be offline. Our present work involves the use of inline in-situ measurements, based on focused reflectance beam measurement (FBRM). The effect of ultrasound on the precipitation, aggregation and deposition of calcium carbonate using this technique is reported here. Using this approach, it is observed that the effect of ultrasound causes calcium carbonate to precipitate in solution rather than on the solid surface. Our findings show that not only does ultrasound affect the rate of scale deposition, it also has an effect on crystal number and size. This inline technique can be used to provide an insight into the relationship between precipitation and deposition. Furthermore, the scaling mechanism on the surface is proposed. It is suggested that at relatively high supersaturation, the scaling mechanism is controlled by surface adhesion rather than secondary heterogeneous nucleation.

Simultaneous active and passive seismic monitoring of steam-assisted heavy oil production

The world-class heavy oil reserves of Canada represent a significant resource for North America which is free from the geopolitical uncertainty currently affecting conventional oil supplies in some parts of the world. Energy security and the current sustained oil prices make heavy oil extraction an attractive proposition.

Comparisons and Advantages of Marine CNG Transportation

Summary Natural gas is becoming a more popular energy source worldwide and its use is expected to increase dramatically over the next 2 decades. Natural gas has been gaining wider significance as a result of sustained high oil prices, a need for energy diversification and security, the growing global awareness of environmental issues, and the development of new gas-related technologies. Traditionally natural gas has been delivered to markets using two main commercially proven methods—pipelines and liquefied natural gas (LNG). Each of these alternatives is highly capital intensive and requires considerable working terms regarding the quantities and distances to market. In other words, these two methods are economical only over a specified range of quantities and distances and not over the whole range, which opens the door to a number of alternative technologies that have the potential to make the development for smaller quantities to be transported to specific distances. The most advanced among these alternative technologies include onshore gas-to-liquid (GTL), floating LNG and GTL, natural-gas hydrates (NGH), adsorbed natural gas (ANG), and compressed natural gas (CNG). However, none of these has been developed yet and been proved on a commercial scale, although they have proved themselves viable on the basis of technical parameters. This paper will be concerned mainly with (1) marine CNG alternatives, which are currently in their final stages of commercialization, indicating the various available marine CNG technologies used worldwide; (2) the operating differences between LNG and CNG transportation; (3) technical and economic evaluation of both the obstacles facing the commercialization of marine CNG transportation and its advantages.

The Arab Gulf States: beyond oil and Islam

If petroleum buys political legitimacy in the Arab Gulf states, how can we explain the rise of dissent and calls for political reform despite sustained oil revenues?.The answer, according to Sean Foley, lies in political, social, and economic dynamics that have been brewing beneath the surface for more than a decade--and that are slowly shifting the balance of political power. Though Foley does not disagree that oil revenues have been important in preserving the power of Gulf autocrats, he goes beyond popular stereotypes to identify other crucial forces that are conspiring to disrupt the status quo. Chief among these are the telecommunications revolution, which has brought news of democracy (as well as regime misdeeds) to people's homes, the lack of jobs for major segments of the male population, and the increasing economic power of women and minority groups. It is these complex issues, Foley shows us, that are at the forefront as the Arab Gulf states grapple with the challenges of both modernity and money.

Time Course of Changes in the Expression of Insulin Sensitivity-Related Genes after an Acute Load of Virgin Olive Oil

Our aim was to examine whether an acute fat load could induce changes in the expression of insulin sensitivity-related genes in human peripheral blood mononuclear cells. Selection of candidate genes was based on previous studies with sustained virgin olive oil (VOO) consumption and biological plausibility in relation to insulin sensitivity. Eleven healthy volunteers ingested raw VOO (50 mL). Blood samples were collected at 0, 1 and 6 h. Plasma glucose, insulin and hydroxytyrosol increased at 1 h and decreased at 6 h. Lipid oxidative damage increased at 6 h (p < 0.05). Gene expression changes were characterized based on quantification of the samples relative to a reference sample [i.e., relative quantification (RQ) method]. A 1 h downregulation was observed in O-linked-N-acetylglucosamine transferase (OGT, RQ: 0.62 +/- 0.32) and arachidonate-5-lipoxygenase-activating protein (ALOX5AP, RQ: 0.64 +/- 0.31) genes (p < 0.005). OGT was upregulated at 6 h (RQ: 1.88 +/- 0.28, p < 0.05). CD36 (thrombospondin receptor) was upregulated at 1 h (RQ: 1.6 +/- 0.8, p < 0.05) returning to the basal values at 6 h. Lipoic acid synthetase (LIAS), peroxisome proliferator-activated receptor binding protein (PPARBP), a disintegrin and metallopeptidase domain 17 (ADAM17), and adrenergic beta-2-receptor (ADRB2) genes were upregulated at 6 h (range for the mean RQ: 1.33-1.56) following an increasing linear trend (p < 0.05) from baseline to 6 h. ALOX5AP and OGT genes inversely correlated with insulin and glucose levels at 1 h. ADAM17 and ADRB2 inversely correlated with oxLDL at 6 h (p < 0.05). Taken together, these observations may inform the future clinical nutrigenomics study designs and indicate that a single dose of VOO can elicit quantifiable and rapid changes in gene expression in targets that are mechanistically relevant for insulin sensitivity and the metabolic syndrome.

Development of World-Class Oil Production and Water Injection Rate and High Ultimate-Recovery Wells in Deepwater Turbidites—Bonga Example

SummaryBonga field in deepwater Nigeria produces hydrocarbons from classic deepwater turbidite reservoirs deposited in channel settings. The reservoirs consist of a series of amalgamated channel complexes with varying degrees of compartmentalization. The depostional configuration presented significant uncertainties in connected volumes, well placements, and sweep efficiency between water injector/producer well pairs. However, because of the high costs of deepwater developments, well count needs to be as low as practical, and production rates must be sustainably high to ensure economic robustness of the project. High rates and high ultimate recoveries are the foundations of successful deepwater projects. At Bonga, constant pressure maintenance is a key component to achieving high-rate, high-ultimate-recovery wells. Several research studies concluded that the required water-injection wells be designed for fracture injection (i.e., above sandface-fracture pressure) to sustain the required high rates, as opposed to reservoir matrix injection. This paper presents the results of these research efforts leading to this conclusion and the implications on reservoir management. Also presented is an overview of the challenges of developing these complex channel deposits and the new approach to modeling high-rate wells in deepwater turbidites.Key to successful understanding of reservoir behavior (connectivity) and early indications of future reservoir performance is a systematic undertaking of interference tests at production startup.After approximately 2 years of production, the results from the Bonga wells demonstrate that sustained high oil rates could be achieved with adequate pressure maintenance. Average oil production rates of vertical/deviated wells range from 15,000 to 22,000 BOPD and that of horizontal wells range from 25,000 to 35,000 BOPD. Estimated ultimate recovery (EUR) per well ranges from 20 to 100 million STB for Phase 1 wells and from 10 to 30 million STB for Phase 2 development wells, with several additional opportunities for infill drilling of lower-EUR wells. Nameplate capacity of 225,000 BOPD was achieved and sustained with just nine producers and six injectors. To maintain these high production well rates, world-class water-injection well rates (of between 40,000 and 70,000 B/D per well) have been sustained since first oil.The fracture-injection approach is applicable both for onshore and offshore reservoir development but, more significantly, for deepwater reservoir development in which sustained high rates and economic considerations are paramount.

Portfolio modelling and growth in open economies

The standard BRANSON model is modified in a way which allows one to focus on the short term dynamics of foreign bonds markets, the money market and the stock market—or alternatively the oil market. This allows us to explain the dynamics of the exchange rate and the oil price within a portfolio choice model; also we identify critical expectation dynamics in a more conventional pricing approach to the oil market—expectations determine whether or not the oil market equilibrium is compatible with a stationary price or with sustained oil price inflation. Moreover, a straightforward innovative way to combine a portfolio approach with a growth model is developed. New results are obtained—through multiplier analysis—about the long term effects of changes in the savings rate, the process innovation rate, the product innovation variable and the money supply on the exchange rate and the stock market price; this raises many empirical issues. Finally, the analysis presented sheds new light on the global asset price dynamics in the context of the banking crisis.

Various routes to methane utilization—SAPO-34 catalysis offers the best option

At the time when demand for energy is rapidly increasing, the reserves of crude oil are rapidly declining. At the same time an increasing number of new natural gas reserves have been discovered, however, most of them are far away from industrial users and population centers. Because of these large reserves in remote locations, gas transport to user locations is more difficult and expensive. It is more advantageous to convert the natural gas to the useful products and transport the end product to users. Technologies for the production of a number of products from natural gas, via synthesis gas, have been well established. However, production of synthesis gas requires a very large investment and is less energy efficient. With recent sustained oil price above $80/barrel for the crude oil, increasing focus is being given to direct conversion of methane as well as to the conversion of methane to petrochemicals. This paper examines various options of methane conversion.

Volatility of Bitumen Prices and Implications for the Industry

Sustained crude oil price increases have led to increased investment in and production of Canadian bitumen to supplement North American oil supplies. For new projects, the evaluation of profitability is based on a prediction of the future price path of bitumen and ultimately light/medium crude oil. This article examines the relationship between the bitumen and light crude oil prices in the context of a simple error-correction economic-adjustment model. The analysis shows bitumen prices to be significantly more volatile than light crude prices. Also, the dominant effect of an oil price shock on bitumen prices is immediate and is amplified, both in absolute terms and percentage price changes. It is argued that the bitumen industry response to such market risks will likely be a realignment toward vertical integration via new downstream construction, mergers, or on a de facto basis by the establishment of alliances.

Dip and azimuth displays for 3D seismic interpretation

In the last decade, the sophistication of three-dimensional (3D) seismic data has been applied increasingly to the more precise definition of geological structures containing oil and gas accumulations. In favourable circumstances, it is even possible to define the limits of the hydrocarbons themselves and, in rare cases, show the retreat of hydrocarbon-water contacts in response to sustained oil and gas production. In the early days, 3D seismic data were interpreted in a manner comparable to the interpretation of a grid of two-dimensional (2D) profiles. Equispaced in-lines and cross-lines were abstracted from the total data volume and, with the additional benefit of arbitrary lines and time-slices, interpreters were able to construct time contour maps of selected horizons with increased confidence. However, a significant percentage of the total volume of acquired data was by-passed in this process, and it was not until the advent of interactive trace interpretation systems (the so called work stations) that the interpretation of the full data volume became feasible. Feasibility turned into reality with the development of new and powerful automatic tracking (horizon picking) programs. These enable the interpreter to incorporate data from every common midpoint (CM) in the data volume. In some more advanced programs, selected ‘seed’ lines, which are initially interpreted by hand, are fed to the automatic tracking programs which, in turn, extrapolate the horizon pick until every CMP in the survey has been covered. For any given reflection horizon it is thus possible to generate files of two-way time, amplitude, instantaneous phase, etc. in a framework of x,y coordinates. These files permit the calculation of additional horizon attributes, especially dip and azimuth (Shell Internationale Petroleum Maatschappij BV 1988. Horizon processing techniques for recognition of structural geology on 3D seismic. Research Disclosure 29473). This paper is concerned with the determination and display of the latter two attributes. It will be shown that, with carefully chosen colour display parameters, subtle laterally continuous features that would have been overlooked during traditional interpretation may be interpreted with relative ease and confidence as having geological significance. The techniques employed have much in common with those used in photogeology.

Lifecycle analysis of different urban transport options for Bangladesh

Once again, sustained high oil prices are forcing policy makers in oil importing countries to consider alternatives to oil products as transportation fuels. Unlike in the past, advancements in technology, relative success of some experiments and increased familiarity among and acceptance by the public of some alternatives indicate a higher likelihood of success. In particular, natural gas offers a couple of the best options as compressed natural gas (CNG) and chemical conversion of natural gas into diesel (gas-to-liquids, GTL). These options are likely to be most attractive in countries that have cheap access to natural gas. We compare lifetime costs of several individual transportation options for Bangladesh, an oil importer with natural gas reserves. The results are then used to inform the natural gas policy debate in the country. Assuming a natural gas price of $1.5 per million Btu, both the CNG and GTL options are competitive with conventional gasoline/diesel cars if the oil price stays higher than $35–40 per barrel. If natural gas price increases after new upstream developments, CNG becomes less attractive while GTL remains competitive up to $2.5 if capital costs of GTL facilities decline as expected. Under a government policy push (lower discounting), the breakeven price of oil falls to $30–35 per barrel.

The End of Cheap Oil: Crossroads for Kyoto

Since the 1970s, concerns over the impact on climate of increasing atmospheric carbon dioxide levels and global fossil fuel consumption have been on the public agenda, yet policy attempts to reduce global greenhouse gas emissions have been unsuccessful. We explore the hypothesis that the end of cheap oil will trigger the change that scientists and governments have sought to accomplish. We foresee two potential outcomes from a sustained oil price increase. The substitution of coal and non-conventional petroleum could yield a continuation of present atmospheric trends. Alternatively, high prices and tight supplies of conventional petroleum may trigger conservation or substitution of non-greenhouse gas producing energy sources, which would slow the growth of CO2 in the atmosphere. The end of cheap oil may accomplish what scientific warnings and governmental policies have thus far failed to do, namely, reduce global fossil fuel combustion with concomitant impacts on CO2 and climate.

Dealing with staff recruitment, retention, and training in the oil and gas business

Deidre O’Donnell, managing director, Working Smart discusses three research projects undertaken by her company investigating (1) what the E&P industry is looking for in terms of graduates, (2) university and student perceptions of, and relationships with, the E&P industry and (3) trends in the use of consultants. Few personnel managers will be unaware of the looming personnel challenges due to the demographics of our industry, as illustrated by the age profile of SPE members. 50% of industry employees are estimated to become eligible to retire within the next 13 years, and this is probably an under-estimate if preferences for early retirement and/or late-career lifestyle changes are considered. A key reason for the shortage of young professionals is the historically cyclical nature of our business, resulting in several troughs in profitability such as after the 1999 oil price collapse and slow down in the global economy. Many would say that the problem has been exacerbated by kneejerk reactions by companies, including freezing graduate recruitment programmes and mass-layoffs of experienced personnel, many of whom have become disillusioned and moved permanently to other industries. Most forecasts now indicate a sustained high oil price which, combined with several other economic and geopolitical factors, indicate a buoyant and stable E&P market for the foreseeable future. Many oil and gas companies and service suppliers are struggling to adequately source and manage the workforce skills required for their current business, never mind the growth opportunities. To resolve this problem, we must address the different challenges across the complete spectrum of experience levels, including graduate recruitment, skills management, staff retention, and the optimal use of knowledge and experience.