Several world regions still recovering from '98-'99 exploration slump

02/28/2000
From November 1997 through March 1999, the petroleum industry suffered its most significant oil price collapse since 1986. OPEC surprised many by reducing quotas in March 1999, and it has enforced them since then.OPEC's announcement triggered a dramatic price rebound, with crude prices more than doubling by the fourth quarter.Following the surge in the oil price was an increase in exploration in latter 1999 following a very depressing first 6 months. Click here to enlarge imageThis article will focus mainly on exploration and delineation wells completed and contracts or concessions awarded to give an idea of world activity levels in 1999. Some of the more significant events will be discus...
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