NEWS FROM SPE ATCE 2013 SPE ends 2013 operating year on a high note
BY KURT ABRAHAM, Executive Editor
NEW ORLEANS -- Just like the upstream industry that it services and represents, the Society of Petroleum Engineers has enjoyed a remarkable year during 2013. That is the inescapable conclusion that one brought away from the remarks made by outgoing SPE President Egbert Imomoh of Afren during the President’s Luncheon Wednesday at the organization’s Annual Technical Conference and Exhibition. At the conclusion of the luncheon, Imomoh handed over the SPE presidency to his 2014 successor, Jeff Spath, V.P. of Industry Relations at Schlumberger.
“We have had record growth this year in membership, to just over 110,000 in 129 countries,” said Imomoh. “And when you look at the world in which we operate in, you can see why. Over the last 20 years, the world economy has doubled, and the same is expected over the next 20 years. With the reduction in poverty in the worldwide economy, the demand for energy increases. The challenge is to find more hydrocarbons in increasingly more challenging environments.” And, he added, the challenge for SPE is to service the ever-expanding industry and membership while expanding its offerings.
During the 2013 operating year, SPE had operating income of $1.998 million. But when investments and other line items are figured in, the net income jumps to $4.103 million. Thanks to prudent management and good investments, SPE’s total assets have shot up to $102.8 million. Two-thirds of SPE’s funding sources came from meetings during 2013, with 11% coming from member programs and publications. The remaining 11% were derived from education, the group’s website and retail sales. The primary usage of those funds was dedicated to meetings (53%), member programs (21%) and publications (13%). Thanks to healthy increases in student membership in other regions, less than 50% of total SPE membership is now concentrated in North America. Among professional membership, alone, which totals 81,765, 50% is in North America, with 16% in the Middle East and 14% in Europe.
Imomoh pointed out that SPE’s board of directors approved a new strategic plan in March. It has four parts that include capability development, knowledge transfer, professionalism and social responsibility, and public education. “Knowledge transfer is a prime mission for SPE,” said Imomoh. He also handed out a number of awards at the luncheon. Winning the student International Paper Contest for undergraduate, masters and doctorate levels were students from Southwest Petroleum University (China), The University of Texas and Stanford University. The winners of the PetroBowl were the student team from Colorado School of Mines.
Additionally, the “Most Improved Section Award” was handed to the East Kentucky, Macae, Oman, and Trinidad and Tobago sections. Winning for “Outstanding Student Support” were the Abuja, Azerbaijan, Dallas, Germany and Permian Basin sections. Taking the award for “Outstanding Young Professional Activity” were the Abuja, Atyrau-Kazakhstan, Bangalore, Gulf Coast and Los Angeles Basin sections. The award for “Innovation” went to the Aberdeen, Caracas Petroleum, Los Angeles Basin and Samara sections. Last, but not least, the winners of the “President’s Award for Section Excellence” included the Aberdeen, Atyrau-Kazakhstan, Gulf Coast, Lloydminster, Mexico, Poland, Roswell, Saudi Arabia and Warri Nigeria sections. SPE also names four new Century Club members and Distinguished Membership on 18 individuals.