NORTH SEA TRENDS TYPIFY INDUSTRY'S WORLDWIDE ADJUSTMENT TO CHANGE

Constantine S. Nicandros Conoco Inc. Houston The oil and gas industry must conduct its business in rapidly changing environments everywhere in the world. This is so even in mature producing regions such as the North Sea. The fields we are finding in the North Sea today are smaller and more difficult to tap than they were when the area began production more than two decades ago. And the oil price collapse that occurred in 1986 has kept oil prices more or less on the floor, while the cost of