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The recent IHS CERAWeek conference in Houston brought ­together high-level executives. Over 5 days of discussions and panel sessions, several key themes emerged about the current state of the global oil and gas industry.

In this paper, the authors introduce a novel semianalytic approach to compute the sensitivity of the bottomhole pressure (BHP) data with respect to gridblock properties.

This paper critically investigates the impact of using realistic, inaccurate simulation models. In particular, it demonstrates the risk of underestimating uncertainty when conditioning real-life models to large numbers of field data.

History matching is only one part of something more comprehensive—reservoir modeling.

In this paper, the authors derive and implement an interwell numerical simulation model (INSIM) that can be used as a calculation tool to approximate the performance of a reservoir under waterflooding.

For the more than 7 billion people on our planet, every measure of quality of life, from gross domestic ­product per capita and infant mortality, to education levels and access to clean water, is correlated to the consumption of modern fuels, including oil and gas.

Are fugitive releases of natural gas and flaring environmental concerns? Can these be ameliorated today and even better in the future? Yes and yes.

Two places that illustrate the mounting challenges facing the shale business are the Bakken Shale in North Dakota, where the number of working rigs is one-third what it was a year ago, and the Fayetteville Shale in Arkansas, where there are no more working rigs.

In the Price of Oil, Roberto Aguilera and Marian Radetzki predict a dramatic increase in shale oil and other tight oil production from about 4 million BOPD today to as much as 40 million in 2035. This will have a limiting effect on oil price.

As rig counts and oil prices fall to low levels not seen in decades, no one in our industry is immune from the impacts. However, adversity can spur innovation and lead to changes that set us up for future success.