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Editor's Notes

1. Given the industry situation as described by Andrew, we recognize four main market driversExploration. There has been a steep increase in exploration activity over the last two years, with every single oil company having the reserves replacement ratio as their topmost objective. This presents challenging and very exciting opportunities for us to mitigate this risk expense for the oil companies. This plays into Schlumberger strengths in seismic, wireline and measurement integration. The urgency to increase production capacity at a significantly rapid pace, specially in the face of an increasingly serious personnel and expertise shortage. As utilization rates have crept up, contractor resources are also a challenge. We find our opportunity in helping to improve the performance of our customers.Maximization of reservoir recovery factor : As reserves become increasingly an issue, the focus on new methodologies to prolong the life of a reservoir and optimizing its performance over the long term becomes attractive. We work on technologies to mitigate risk and improve performance.The focus on Unconventional hydrocarbons has risen significantly over the last two years. This presents many long term opportunities for us, again both to mitigate risk and to improve performance. A significant portion of the hydrocarbon endowment of the planet remaining are unconventional.
2. Global energy demand is predicted to grow from its current level of 92MBD to a peak of 115 MBD per day by 2030. While total energy is on the rise, you also have to remember that the current reservoirs are on significant decline. What this means is that we not only have to find, develop and produce an addition 25% more hydrocarbons to account for new growth, but we also have to find 70 or 80 or 90 MBD to offset current decline. Since a large majority of your future reserves will lie in harsher and more remote environments, technology innovation will be required to mitigate the greater risk of finding and developing these more complex reservoirs. Therefore, companies that leverage innovation and deploy it rapidly will gain a competitive advantage. What we are seeing is that the source of innovation is becoming more diverse as small companies, large companies, and universities, across the globe are now contributing. This is a great thing, but how can these contributions provide more value?We can’t ignore the significant brain power out there if we are to solve the increasingly difficult E&P challenges ahead of us. We have to find alternative ways of engaging all of sources of experts that are working to solve those challenges.What is necessary is a vehicle to develop new workflows on top of existing technologies, not create more software applications.
3. It may interest you to know that the time it takes to introduce significant software innovations from concept to end user delivery is about 3 year's. It doesn’t matter if those developments occur at SIS, Landmark, Paradigm or within an oil and gas company, the roadblocks to innovation are constant across the industry.With the current business models, there are many barriers to innovation.Whether you work in R&D for an E&P company or a service company, the IP funnel is usually full, and hard decisions have to be made on which projects are funded and delivered. Many great ideas are delayed for years.With standalone applications, much of the end users time is spent moving data, not solving challenges. The end users have very little time to learn advanced workflows in their current products, much less new products.As an industry, we are very creative, but we are slow to adopt new technologies. Many organizations are running several versions of Petrel behind the current release. Innovative solutions that dont get into the hands of the end user, when they need it is of no value.
4. If you look at the innovation pipeline it consists of 3 pieces, the idea, the development and deploying the application to the end user.Value is realized ONLY when the technology ends up in the hands of the end user.We have to shorten this process to solve today's challengesHow ? I want you to think about the Apple IphoneApple created a software developers kit that allows developers to create applications on an industry standard platformApple only sells their apps from the Istore, creating a single vehicle for deployment.Instead of relying on their limited developers to create new apps, Apple usesthe global community of innovators to develop on the phone.And finally, the apps are easily downloaded directly to the phone, no more waiting for the CD, or the next major software release – Instant gratification to the end user.
5. What if the E&P community had a Wave of innovators  oil and gas R&D teams, Universities, software houses, SIS and all of SLB working on new ideas and developing on the leading application in the industry - PetrelWhat if there was a modern, stable and open programming environment to write code from.What if there was an Online Store to purchase software from. No more waiting for the next release of software for the features you really wanted. No more waiting for data connectors to connect a series of stand alone applications. All these innovators adding technology to solve today's challengesAnd what is all this new capability was available immediately on Petrel startup. With the same look and feel as you have today with Petrel. You do with Ocean….
6. No single software application or company can sufficiently meet the specialist requirements of the increasingly complex reservoirs the industry will explore and develop in the coming years. What is necessary is to develop new workflows on top of existing technologies. The Ocean framework is an open platform that enables everyone, a wave of innovators, to contribute new science to extend Petrel software quickly and easily, allowing oil and gas companies to differentiate from each other.
7. Ocean is a software development kit for developing Petrel plug-ins.So your probably asking what is a plug-in? A plug-in is a computer program that interacts with a host application, in this case Petrel, to provide a certain, usually very specific, function "on demand". The Ocean SDK allows the creation of unique capabilities which integrate tightly with Petrel to enhance customer workflows by providing technology not present in Petrel today. The Ocean SDKallows programmers to devote their time to developing innovative science rather than writing boring code, such as data loaders or graphical canvases that slow down the development cycle. This shortened cycle allows new ideas to get to market sooner.
8. Ocean is also an online medium, the Ocean Store, through which users can browse, buy, and use Petrel plug-ins.People develop Ocean plug-ins by simply beginning with a idea. The idea may have originated from within Schlumberger, a software house, an oil and gas company, or a university. If the idea is of interest to end users, it may be developed into a plug-in using the Ocean SDK. Once the plug-in is coded and ready to be used, it can be sold and distributed worldwide on the Ocean Store at www.ocean.slb.com.Why sell from a store? Many reason, but the main advantage is the ease of deployment and installation. The plug-ins install on top of the version of Petrel you are currently running. What this means is that clients no longer have to wait for the next version of Petrel to get access to new functionality.
9. To conclude…Ocean is a Wave of innovators coming together to develop and deploy innovative technologies into the Petrel application. Some plug-ins will be developed for internal use only by oil and companies to differentiate themselves from their peers.Some plug-ins will be sold on the Ocean store, shortening deployment time. Others will be sold exclusively by software houses, bypassing the store.Some will remain as academic research projects, furthering Oil and Gas innovation.As more and more plug-ins are developed and deployed, Petrel end users will be able to capitalize of innovation coming into the application and relax their reliance on stand alone applications, and have more time to focus on solving reservoir challenges.
10. Traditional competition-based strategies are not sufficient to sustain long-term software growth. SIS needs to move beyond competing on software functionality to seize new profit and growth opportunities. For seven years, the Petrel application has dominated the oil and gas software industry with its impressive growth.Petrel will remain the industry’s leading workflow tool from seismic to simulation, and with the Ocean framework, the industry will broaden Petrel software’s workflow footprint and introduce innovation and differentiation at an unprecedented rate.On May 19th, at the SIS Global Forum in London, Olivier Peyret will formally launch the Ocean Store, I hope to see you there.