No one could argue that major changes haven’t jolted the oil industry in the last several years, which have galvanized upstream companies and demanded major changes. Between the so-called “shale gale” of frenzied drilling for unconventional gas and later oil, the Macondo oil spill in the Gulf of Mexico that raised safety standards for offshore drilling, and the severest economic recession since the 1930s, operators have been forced to adapt. They have pared down balance sheets, merged, partnered up in joint ventures and found ways to shave costs from projects through continually improving technology.
In this week’s Oilgram News column, “New Frontiers,” Starr Spencer, senior editor for oil, looks at where E&P companies have been and how they are transforming and re-positioning for the years ahead.
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