The Petroleum Engineering Industry Advisory Board supports programs and initiatives to raise funds for the Petroleum Engineering Department. The current goals listed by priority are outlined below:
A. Faculty Salary Supplement Endowments – Private money directed to endowment funds are essential sources for faculty salary supplements, both for retention of existing faculty and for hiring of new faculty members. Alumni are encouraged to direct gifts to the endowment funds and companies are encouraged to contribute to endowments and consider funding “Endowed Chairs” among the faculty. Current goal is $5 million.
B. Student Scholarships – As industry demand continues to grow for hiring Petroleum Engineers and as student enrollment numbers continue to increase, so too does the need to attract and support high quality students through scholarships. Alumni and companies are encouraged to establish scholarship accounts and contribute regularly to scholarship funds. Current goal is $250,000.
C. Research Grants – In support of faculty and graduate student research projects, selected companies are encouraged to award grants and fellowships to fund applied research work. Current goal is $100,000.
D. Lab Equipment – Replacement and addition of lab equipment is necessary for both undergraduate and graduate training and research. Alumni and companies are encouraged to contribute to specific equipment purchases or to general lab support. Current goal is $100,000.