The development, management, and exploitation of Intellectual Property is critical to the health and prosperity of the Petroleum Industry. This paper provides a summary of how Petroleum companies can protect their proprietary software. Specifically, this paper will address the risks and benefits associated with protecting proprietary software through copyrights, patents, or trade secrets. With this background, the paper will address how Petroleum Companies can optimally develop, manage, and exploit their Intellectual Property to maximize industry production, efficiency, and profitability.

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