NewswireToday - /newswire/ -
Glasgow, KY, United States, 2008/05/28 - The DOE recently petitioned the PTTC to select 100 companies to advise the Government Accounting Office as to the effectiveness of Oil and Gas Research & Development Programs. Jacobs Energy has been selected to provide its expertise on this matter.
Jacobs Energy was recently selected by the Petroleum Technology Transfer Council (PTTC) as a top 100 company to act as a consultant to the Government Accounting Office (GAO) and the Department of Energy (DOE) to provide valuable insight to the effectiveness of oil and gas research and development programs. The PTTC is a national not-for-profit organization established in 1994 by producers and state organizations. The PTTC was originally funded by the Department of Energy. As stated on their website, “the connections achieved and technology information transferred through PTTC’s programs are reducing costs and increasing recovery in existing mature fields, expanding recovery from unconventional reservoirs, profitably developing ever-smaller domestic production and reserves, and increasing environmental stewardship.”(1)
Out of his commitment to the evolution of technology, Jeremy Jacobs, Founder and CEO of Jacobs Energy, is a member of the Petroleum Technology Transfer Counsel (PTTC) and was previously elected by fellow members to serve on the Producers Advisory Group (PAG) of the PTTC. Regarding the recent Research and Development nomination, Mr. Jeremy Jacobs says “It’s an honor to be 1 of just 100 companies chosen to consult for the GAO and DOE. It is demonstration to the value of our dedication to technology and it’s ever increasing role in the energy industry.” Jacobs Energy has been instrumental in the development of a series of new technologies that reduce and / or eliminate paraffin, scale and corrosion from oil wells, pipelines in the water and petroleum industries, as well as any other types of fluid systems.
Jacobs Energy is a technology driven oil and gas producer and operator in the Appalachian Basin. The company uses shale gas as a development tool to provide a low risk approach to exploring for larger potential in additional zones. At one time this approach was not cost effective enough to warrant exploration, but with increasing energy prices and the use of these technologies, “wildcatting” is a thing of the past, now it is more of a “manufacturing” process when it comes to exploring Devonian - age shale. The application of modern technology and completion techniques allows developers to “fracture” the shale to make production consistent and economical from what conventionally was a low yielding zone if untreated. It is now believed by many experts that unconventional reserves, such as shale gas, will be America’s key to becoming a more energy independent nation. According to Jeremy Jacobs, “technology has taken the industry from a geological treasure hunt to an engineering endeavor. It is no longer a question of where the oil and gas is, but now how do we economically retrieve it?” As stated in the Energy Information Administration’s Impact of Unconventional Gas Technologies in the Annual Energy Outlook 2000, “...cumulative production through 2020 is projected to be 11.4 trillion cubic feet higher in the technological progress case than in the no technological progress case...” (2)
The development of modern technologies has dramatically changed the energy development business. Companies like Chesapeake (CHK), Devon Energy (DVN) and other similar companies were born from the revolution of this type of shale development in formations such as the Devonian-aged Ohio Shale, Chattanooga Shale, and the Marcellus Shale present in the Appalachian Basin; Barnett Shale in the Barnett / Fort Worth Basin; New Albany Shale in the Illinois Basin; Woodford Shale in Oklahoma; and Fayetteville Shale in Arkansas. Jacobs Energy recognizes what the true potential of utilizing advanced techniques in unconventional plays means for our Nation’s energy supply. Jacobs Energy looks forward to becoming an instrumental part of future Research and Development projects to move forward with this progression in technology and continue the quest to reduce our Nation’s dependence on foreign oil and natural gas. To learn more about Jacobs Energy (jacobsenergy.com), its energy developments, and its dedication to the advancement of technology, you can contact them or visit them on the web.