Survival has come primarily from our ability to develop and apply increasing, Efficient and effective technology. As I talk to sections in Northern Europe and the UK, I am mindful of the contributions that this sector of industry has made to technology the last two decades. I think of downhole developments, such as the ability to complete, test, and produce multiple zones in long, horizontal wells in one trip. It is these kinds of technology that have allowed the development of difficult reservoirs and marginal fields, often in hostile environments, fields that could not have been economically developed using traditional technologies. In our industry, a company's success is increasingly measured by annual or even quarterly earnings.
Intellectual capital is society's cumulative knowledge.
Engineers are trustees of that portion of the knowledge base required to create the advanced technology that runs our world. This knowledge cannot simply be archived. To remain viable, it must be maintained, applied and grown. In other words, intellectual capital requires a continuous investment. Historically, there have been three entities involved in this maintenance, application and growth.