Print this pageTechnology and Cost Management - Keys to an Independent's Success
BOX, JERRY W
The appropriate use of technology and continued cost management will be the primary keys to success for the 21st Century independent oil company. Companies that most effectively combine these two distinct disciplines will be the most successful as we enter the next century. Technology will play an increasing role as we search for oil to greater depths, deeper water, and more remote and hostile environments. Technology utilization to reduce exploration risks, and thus reduce exploration costs, will be critical to corporate success. There undoubtedly will be new technologies that emerge as we enter the 21st Century. The importance nearly all companies have recently placed on cost management will continue in the foreseeable future. Cost management not only is necessary for survival, but will create unique competitive advantages for those companies that most effectively implement this strategy. This will allow reduction in finding and development costs, extend field lives, increase ultimate recoverable reserves, and improve asset values.