Department of Geosciences to Host Risk Analyst Peter Carragher

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Peter Carragher, managing partner at Rose & Associates LLP, Houston, Texas

FAYETTEVILLE, Ark. – Peter Carragher, managing partner at Rose and Associates LLP in Houston, Texas, will conduct a seminar called “What Were THEY Thinking?” at 3:05 p.m. Friday, Jan. 23, in Ozark Hall, room 26. He will also lead a workshop at 9 a.m. Saturday, Jan. 24, in Ozark Hall, room 101.

Carragher is an expert on risk analysis in the oil and gas industry and has developed and implemented robust tools and methods for the industry to address these issues. Carragher has been involved with oil and gas exploration for more than 40 years. His work with developing and applying exploration risk assessment techniques and portfolio management processes began in 1990.

“Guests like Peter Carragher enhance our academic programs by exposing students to new perspectives,” said Ralph Davis, chair of the Department of Geosciences in the J. William Fulbright College of Arts and Sciences. “We bring in several external scholars and industry leaders every semester to enhance the student experience and increase understanding.”

In his lecture, Carragher will consider examples of the herd instinct, breakthrough thinking and biases that have led to poor project results. He will also introduce some of the extensive literature on biases.  

“The herd instinct is alive and well in many parts of the upstream oil and gas business,” he said. “Areas come into fashion as hot spots, leading to overbidding and value destruction. Just as often, poor results lead to a dash for the exits. Nevertheless, new breakthrough ideas do surface, and the cycle begins again.”

The workshop will include information on conventional exploration from 9 a.m.-noon, lunch will be provided from noon-1 p.m. and from 1-3:30 p.m. Carragher will go over aspects of unconventional exploration, appraisal and production. 

Carragher received a Bachelor of Science in geology from King’s College London and joined Amoco after graduation. From 1989-94, he served as manager of Amoco’s Basin Analysis Group for worldwide new ventures and was promoted to Amoco’s prospect quality team where he worked from 1994-97. He served as manager of upstream portfolio analysis for two years prior to the merger with BP, which named him head of discipline for worldwide exploration in 2003 and later named him vice president of geoscience and exploration for helping to assess new resources and identifying new areas of exploration potential. 

The events are free, but space is limited. Please email Lisa Milligan at lmilliga@uark.edu to reserve a seat. Both events are sponsored by the Department of Geosciences.