The University of Texas at Austin kicked off its 10th annual Energy Week, bringing together students, faculty, industry leaders, and policymakers to discuss the future of energy. Here’s a structured summary of the University of Texas at Austin’s Energy Week introduction and keynote address by EOG Resources CEO Ezra Yacob:
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Keynote Address – Ezra Yacob, CEO of EOG Resources
- Theme: “Unconventional Approaches for Unconventional Times”.
- EOG’s DNA: Known for organic exploration, heavy use of data and seismic info, and innovation in shale development.
- Energy Security: Defined as affordable, reliable energy in line with economic and environmental needs—not just independence.
Shale Revolution
- Early 2000s: breakthroughs in horizontal drilling (Barnett, Haynesville, Marcellus).
- Innovations: flex rigs, AC power, PDC bits, multi-stage frac, walking rigs, automation.
- Hydraulic fracturing evolved from trial-and-error to advanced tracer-driven, data-informed processes.
- Result: US shifted from a net importer to a net exporter of oil and gas.
🌍 Global Energy & Environmental Impact
- Natural Gas Transition: Shift from coal to gas lowered US CO₂ emissions.
- Energy & GDP: Economic growth requires affordable energy; developing nations need dense, transportable fuels.
- Advanced vs Developing Economies:
- Advanced: moving toward electrification and lower emissions.
- Developing: need reliable hydrocarbons to industrialize.
- Forecasts: Oil & gas will remain essential; requires 170–450B new barrels over next 20 years.
💡 Innovations in Oil & Gas
- Reservoir Science: Core analysis, SEM imaging, pore size modeling.
- Completion Design: Proppant + diverter technologies creating more fracture surface area.
- Machine Learning: Used for downhole pressure monitoring, automated diverter release.
- Methane Mitigation: Continuous monitoring, automated flow systems to cut flaring.
- Water Reuse: 90%+ recycling in some operations.
- Digital Transformation: 200+ in-house apps for real-time drilling, emissions, and water tracking.
📈 Conclusion & Outlook
- The US holds massive technically recoverable resources (373B bbl oil, 2,925 Tcf gas).
- Challenge: unlock these economically and with lower emissions.
- Energy Week reinforces UT Austin’s role as a global energy leader, with industry, academia, and government collaborating to ensure secure, affordable, and sustainable energy.
