The outside of the new Petroleum Engineering Research Building
The new Texas Tech University petroleum engineering building will receive another $2 million thanks to donations from the third largest U.S. corporation and a Texas-based Fortune 500 oil and gas company.
Chevron, a California-based energy corporation ranked third on the Fortune 500 list, is giving $500,000 to Tech. The money will be used to create the Chevron Reservoir and Drilling Center in the new petroleum engineering research building, according to a Feb. 6 Tech news release.
According to the release, the laboratory will contain drilling simulations and virtual reservoirs with 3-D capabilities that will allow users to feel as if they are walking around inside the reservoirs.
Logo provided by Chevron for media-use
The funds are being provided through the company’s University Partnership Program. Bill Hunter, manager of Chevron’s university affairs program, said the company aims to continue its long-standing relationship with Tech through this donation and help prepare students for the oil and gas industry.
“Texas Tech students have a reputation for being incredibly creative and well-prepared to enter the workplace,” Hunter said. “Our partnership with the university is a key part of Chevron’s efforts to hire top-quality graduates to help us meet energy demands around the world.”
Tech announced a $1 million gift from Anadarko, a petroleum corporation in The Woodlands, Texas, in a press release yesterday. In addition, Chancellor Kent Hance said the Texas Research Incentive Program will match the gift with $500,000 in state funds.
Anadarko, which Forbes ranked in its top 100 most innovative companies, will fund the Anadarko Unconventional Technology Center in the new petroleum engineering research building.
“This center will differentiate Texas Tech petroleum engineers by taking a systems approach to discovery, characterization, development and evaluation of unconventional resources through the integration of seismic, drilling, characterization, fracturing, development and environmental assessments,” the news release said.
Non-Endowed Gift Agreement received through a Texas Public Information Act request
According to the non-endowned gift agreement, Tech officially received Anadarko’s pledge to give money specifically for the Unconventional Technology Center on Dec. 1, 2011, and the equal payments were to be made in each December from 2011-2013.
The agreement stated that in return Tech will be required to send Anadarko an annual lab activities report and offer an Anadarko representative a spot on the Petroleum Engineering Industrial Advisory Board. It also requests an annual personal visit from the engineering dean and petroleum engineering department chair.
A Tech petroleum engineering alumnus, Brad Holly, serves as Anadarko’s vice president of Rockies operations.
“Supporting higher education has long been a priority for Anadarko,” Holly said. “The recent revival in unconventional oil and natural gas development has provided the U.S. with an opportunity to significantly enhance its energy security and global influence, and the Anadarko Unconventional Technology Center will help ensure graduating students receive the highest level of instruction, maximizing their post-graduation opportunities in this important and growing industry.”
The Anadarko website lists Tech as one of nine schools it recruits for engineering.
Anadarko, which is ranked 207 on the Fortune 500 list, is not the first Texas-based Fortune 500 oil and gas company to donate money to Tech for the new petroleum engineering research building. Apache Corp., which is based in Houston and ranked 167 by Fortune, donated $2 million for an upstream research center with its namesake last semester.
According to the Bob L. Herd Department of Petroleum Engineering website, the approximately 42,000-square-foot new building will cost $22.8 million. The ribbon cutting ceremony is schedule for Feb. 27 at 4:30 p.m.
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