Steve Mackie presents on 'Dry Hole Analysis' to Adelaide YPP 6 Jun 2013

Adelaide’s YPP crowd again flocked to the Wakefield Hotel on Thursday 5 May to hear about some of Steve Mackie’s valuable experience over the years, in his presentation: “Dry Hole Analysis - What we can learn about the upstream oil and gas industry”.

Finding and producing oil and gas are major objectives of any upstream oil and gas company. Both, however, can be highly elusive. Steve recently rejoined Santos in Adelaide as Principal Advisor – Geophysics, and has over 35 years experience in the industry, in consulting and with local and multinational explorers.

The presentation drew on some of Steve’s valuable experience, and emphasised that we should consider not only what the rocks can show us but also, what we can learn about the industry itself!

Steve shared some entertaining stories and his take-home points included:

  • Companies can often find a positive spin on a project – the upstream oil and gas industry is aimed at making money – it’s a BUSINESS, not academic research.
  • In selecting a drilling target, remember that “oil is first found in the minds of men (or women)”.
  • Management may not always know what is best – trust your analysis.
  • Not all dry holes are failures – think of what can be learnt from them!
  • Even the best of us can be too optimistic in our predictions. Projects are often more costly and slower than predicted.

This night was part of the Adelaide 2013 YPP speaker program which includes technical discussions and presentations focussing on soft skills.

Thanks to

  • The Wakefield Hotel for hosting us;
  • PESA and SPE SA sections for sponsoring the YPP program in SA;
  • YPP organisers; and of course
  • Steve for sharing his experiences.