HILL, PETER J., BP Exploration, Caracas, Venezuela
ABSTRACT: Exploration Trends of the 1990s: A New Order
The 1980s and 1990s have been a difficult period for the upstream sector of the oil industry. Exploration success has been limited and prices and margins have fallen back. These problems have been compounded by global recession, low US gas prices, sluggish demand and over supply.
Companies have reacted predictably to financial stress by cutting overhead, operating costs and capital budgets. Restructuring and staff cut backs, some of them large, have impacted the whole industry.
Against this backdrop a new order of exploration and production is evolving both in terms of access to opportunity and future profitability. The paper attempts to look at the fundamentals of the new exploration climate, the search for new supplies and the investment needs. It reviews the reactions and plans of the major players and the likely critical success factors for the future.
AAPG Search and Discovery Article #90988©1993 AAPG/SVG International Congress and Exhibition, Caracas, Venezuela, March 14-17, 1993.