Study shows operators respond to economic drivers

A 7-year analysis of operating expenses among 100 exploration and production firms in nearly 3,000 fields indicates "companies are responding to strong influence of economic drivers that call for achieving operating excellence," said executives of Ziff Energy Group, Calgary, at the 17th World Petroleum Congress in Rio de Janeiro last month.The purpose of that study, focusing on some $7 billion of field operating costs and including most of the top 20 US, Canadian, and South American producers, is to determine best practices and develop benchmarking techniques in order to optimize the economics of new discoveries and existing production.The in-depth, field-by-field evaluations performed by...

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