The American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Engineers (SPE) said May 25 they are considering merging into one organization, strengthening their existing partnerships while reducing operational overlap and redundancy.
The organizations said the idea of merging is not new, but the timing is “optimal” as the energy transition unfolds and the industry recovers from COVID-related market challenges. The news comes after the AAPG Executive Committee and SPE Board of directors agreed to form a steering committee to look into opportunities to unite the two groups.
“Joining forces would bring the best of both organizations together and provide additional value to engineers, geoscientists, and the broader energy sector,” AAPG President Rick Fritz said in a news release.
Tom Blasingame, 2021 SPE president, added that “Many of our stakeholders have made it clear that they do not have the resources to support as many professional organizations going forward.”
Having partnered on initiatives and events, including the Offshore Technology Conference and Unconventional Resources Technology Conference among others, the organizations said they believe joining forces would increase efficiency and return on investment for members, while also creating additional opportunities for member education, knowledge sharing and accelerating the uptake of new technologies.
The new organization would better prepare members for changes happening in the industry, the release said. It would also enable growth to its member and customer base as well as opportunity to attract new members in existing and new markets.
“We believe that as changes in the industry accelerate, the new organization would be the professional community of choice for a generation of professionals and students who are committed to driving long-term change across the energy sector,” Blasingame said.
The name and mission of the combined organization will be established in ongoing discussions. Programs will also be evaluated to determine which ones are combined or remain as they are, the organizations said.
“The merger would allow both organizations to position themselves for the future of energy, including mission, vision, branding, governance, and staffing,” they said. “Multidisciplinary collaboration is the reality of the energy industry, so bringing geoscientists and engineers together under one roof makes sense and satisfies the concerns of many of our members and supporters. The combined organization will represent the largest one-stop professional organization for the energy industry, so we expect greater support from advertisers, exhibitors, and sponsors.”
The discovery adds to the previous recoverable resource estimate of approximately 9 billion oil equivalent barrels.
The evolution of designs hastens the U.S. shale boom.
The increase was made via a farm down by Cataleya Energy Ltd. of a 5% working interest in the Kaieteur Block offshore Guyana, increasing Hess’ interest to 20% from 15%.