Advantages of Independently owned Oil Produers of the Major Organizations
onshore options - Independent exploration corporations are in the position to pursue smaller, significantly less extraordinary jobs which might be every bit as successful. This is really a function of the more reduced cost of business .The lesser independents discover
percent of all oil fields, not the main oil providers. Big Oil has left
behind these smaller sized plays due to their need to follow large undertakings to preserve the reserve base.
“oil finders” tend to be
rare and in popular demand - Primary Oil Providers have decreased their own drilling budgets from 30 percent in the mid 1990's to 18% today, while our industry’s geological and
engineering labor force has waned from 800,000 workers in the 1980's to 285,000 in the year 2006. This caused severe
lack of thriving exploration geo-scientists. Successful “oil finders” happen to be rare and in high demand.
Utilize the recent expansion of “resource plays” - The petrochemical market
has developed the opportunity to turn out fuel from firm sand, shale fuel and coal bed methane. The future economics of the resource plays are in question and each
play entails large capital costs in large land blocks and very higher well drilling
and completion expenses. The majors abandoned thousands of small sized oil fields 3 decades ago to focus on huge oil and gas fields abroad, in the ocean and in the Arctic. These smaller sized fields are actually becoming important as fossil fuel shortages loom and the price of
oil and gas continue to go up.
Cutting-edge technological advantages - Big Oil Firms employ out of date exploration techniques employing costly top down approach which is heavily
dependent upon seismic testing which in a number of situations this is their only exploration tool.
Posted at 11:37 am by timfodor
Welcome to the Blog Drive of Tim Fodor
My name is Tim Fodor and I reside in Northern Nevada where I own and operate several businesses, known as The Fodor Group of Companies. I am a geologist specializing in oil and gas exploration all around the globe.
Posted at 11:57 am by timfodor