"Who spends on the effort to make a tier 2 oil property into a tier 1?" asks Arjun Murti, a partner at energy consultancy Veriten and a former Goldman Sachs analyst. Since then, SLB's R&D spending dropped to an average of 2.3% of revenues with some of that funneled into a New Energies group that focuses on developing lower-carbon forms of energy for its oil clients. That spending topped out at 3.6% of revenue in 2016. SLB (SLB.N), the world's largest oilfield services firm and historically a major innovator, spent an average of 3% of revenues on research and engineering in the 10 years to 2017, according to a Reuters analysis of its financial filings. Chevron slashed its R&D to $268 million last year from $435 million in 2020. On Monday, Chevron Corp (CVX.N) agreed to pay $7.6 billion in stock and acquired debt for smaller rival PDC Energy Inc (PDCE.O), a move that will add 10% to its oil and gas reserves. Producers are turning to acquisitions to expand future production. "I don’t see any other transformative technology at this time that is really going to change the global market." "The technology interests are in new frontiers of geothermal and hydrogen, and biofuels," said Daniel Yergin, a Pulitzer Prize-winning oil historian and vice chairperson of S&P Global (SPGI.N). That leaves less money for developing the tricks that could turn secondary properties into big producers. Oil service firms, also paying down debt and shareholders, are shifting investments to less-polluting electric drilling rigs and fracking equipment, and technology like carbon-sequestration. The best shale sites have been drilled and executives and analysts worry there is not enough high-quality inventory to last another decade. The lack of investment has oil growth slowing as some of the most productive areas tap out. Output gains, however, have dwindled as tight-fisted producers spend only enough to maintain output amid rising costs, while favoring giving cash to shareholders as dividends and stock buybacks. oil production to the world's highest in 2018, and boosted its shale production to over 8 million barrels per day last year, from 2.6 million bpd a decade earlier. Inventions, such as directional drilling and hydraulic fracking, spurred U.S. to the top global oil producer spot with world-beating growth rates are falling fewer and farther between as drilling budgets shrink and with them, the research and development that might deliver the next great leap. O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.May 25 (Reuters) - Shale technology advances that propelled the U.S. Get Basic Perspective Drawing: A Visual Approach, 5th Edition now with the O’Reilly learning platform. Light Source in Front of the Viewer Light. Here, the ground plane lines are parallel to the picture plane. The length and shape of cast shadows are determined by the intersection of the ground plane, with light rays crossing the corners and edges of the object. When the light source is parallel to the picture plane, parallel rays will remain parallel and define the cast shadows according to how they are blocked by the object. Light Source Parallel to the Picture Plane
The position of the light source is the critical factor in determining the final shape of the shadow cast in perspective, as summarized below and explained further on the following pages. Reflections are simply an extension of the object image onto another plane or set of planes within the perspective view.
Shadows are determined by the source of light, the shape of the object, and the surface on which they are cast.
Despite their initial appearance of complexity, shadows and reflections obey the same immutable rules of perspective illustrated in the preceding sections of this book.
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