Q4 2008 Message from Dr. Nansen G. Saleri, CEO & President QRI

“What if we can bring a sharper, smarter focus to reservoirs?”

“What if we can bring a sharper, smarter focus to reservoirs?” was the simple idea upon which QRI was founded in September 2007.  The potential gains appeared immense—irrespective of the price of oil or the emerging competition from alternative supplies.

As the energy markets face increasing volatility and turmoil on so many fronts, we remain firmly convinced that a sharper, smarter focus on conventional oil and gas resources is of paramount importance—it provides a much needed anchor of stability to the global energy landscape in tandem with a burgeoning stream of alternative supplies.

Today, I see three areas in the upstream oil industry that can benefit from an extreme makeover:  reserves, production sustainability, and capital utilization.  The current standards of performance are low by any scientific measure in my opinion—and not due to a false sense of bravado.  Closing this gap between what is achievable versus what is being achieved sets QRI’s vision for the future.

If you are anticipating “x” barrels of production over “y” number of years with a budget of “z” US dollars, our first question would be: “Why not twice the barrels with the same capital commitment?”  The answers will demand more than the use of state-of-the-art technologies.  Novel ways of designing field development for higher recoveries, the setting of realistic production goals, and the application of unconventional and new generation of processes are what it will take.

In conclusion, while I cannot tell you what the price of Brent crude will be trading on Thanksgiving 2009 or 2010 for that matter, I am convinced oil will still be the centerpiece of the global energy equation and that at QRI, we have the means and the know-how to make the oil extraction process far more efficient."