E&P strategy prepares producers for 21st century

The exploration and production industry has bred a set of established rules for success over the past several decades. Although many of the same challenges remain, the rules for addressing them may be changing. In fact, today's challenges differ little from those faced by the industry 50 years ago. Then, as now, economics were challenged by increasing gas-oil ratios, increasing water production, declining production rates per well, and escalating infrastructure costs for entering new areas.These challenges, inherent in an industry where the best resources tend to be developed first, will remain as long as there is an oil industry. What is new, however, is a method for addressing these...

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