OIL'S FUTURE: COST-CUTTING CONTEST

The forces have been at work for the better part of a decade. But the consequence, the shape of the petroleum industry of the future, is just now coming into focus. While the future becomes a contest for capital among governments that own world-scale oil and gas reserves, for private companies it will be a contest of cost control. The rule applies to companies large and small. Those who manage costs the best will prosper. Those who do not won't last.

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