10 lessons from a decade of exploration
Finding big oil has got harder. An industry veteran has some advice
International conventional exploration over the past decade has been a rollercoaster ride, beginning with optimism fuelled by an oil-price bonanza and new oil provinces opening in Brazil, Ghana and Uganda. This stimulated a frontier exploration drilling boom, and the creation of a new generation of exploration companies. It has ended with an oil-price crash, dramatic cuts in exploration budgets and soul searching across the industry. Reflecting on the past 10 years, the following are 10 lessons this observer has learned from watching and analysing the industry. Few are new and many may sound obvious but collectively, the industry seemed to forget or ignore them. The lessons have been grouped
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