:: PETEX Perspectives
from Greg McCormack, Director
On August 27, 1859, “Colonel” Edwin L. Drake and the Seneca Oil Company drilled 69 feet deep and struck oil in the Venango Oil Field near Titusville, Pennsylvania, producing about 40 barrels of oil a day. The petroleum industry developed from these humble beginnings. Today, with current drilling technology, we are drilling much deeper, faster, more efficiently, and more unconventionally than ever imagined in the early days of cable-tool drilling.
The progression of events since that first well is astounding and continues advancing at a fast pace. We’ve learned that industry progress brings upturns and downturns, and that the slower growth in petroleum demand experienced recently will be followed by rapid acceleration in demand. The question remains: Is the industry prepared for the recovery that is already underway?
Higher oil prices always lead to more investment in oil exploration. The shale oil plays and oil sands are causing national oil companies to invest domestically in new production. We will likely see more joint ventures and partnerships to expedite exploration and production activities. After weathering the downturn, an upswing is upon us. Trained personnel must be ready to perform the important work to be done—and do so safely and efficiently. Proper training not only saves money in long-term efficiencies but also limits incidents that impede operations.
PETEX can be a strong ally in these times of change. With ongoing classes at our Houston Training Center and customized classes at client sites worldwide, we are dedicated to meeting your training needs. PETEX is ready for the industry upswing with new programs, updated courses and publications, and new facilities. Fully reopening this fall is our West Texas Training Center on the campus of The University of Texas of the Permian Basin. State-of-the-art digital instruction is in rapid development, and we are dedicated to updating our catalog of offerings to reflect the latest technological advancements in the industry.
We are grateful to our former and current partners who have helped fund equipment and renovations at the West Texas Training Center and who continue to support our expansion. As a self-funded, nonprofit institution, your support and dedication to PETEX is sincerely appreciated. It is instrumental to our growth so we may continue to serve as a primary global training provider for the oil and gas industry.
Just as the Drake Well is a symbol of our drilling legacy, PETEX is a symbol of The University of Texas’s commitment to quality education and training. Together with our industry partners, we share in the Drake Well’s accomplishments and celebrate not a single event, but a century and a half of industry achievement.