Editorial: Supply and knowledge

03/28/2005
In the modern petroleum industry, amounts of recoverable oil and gas in fields and countries are a function of knowledge. The more engineers and geoscientists learn about a particular reservoir, the more fluid hydrocarbons they usually recognize to be in place, or recoverable from volumes previously known to be in place, or both. An obvious corollary: The more engineers and geoscientists know about how to explore for and produce oil and gas, the more oil and gas they can find and produce from a given reservoir at a given level of geophysical knowledge.The exploration and production business is no longer the drill-and-hope enterprise that it used to be. It is now, and has been for many yea...
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