An Analysis Of The Role And Performance Of Firms Of Different Sizes In Petroleum Exploration And Development On The Ocs
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An Analysis Of The Role And Performance Of Firms Of Different Sizes In Petroleum Exploration And Development On The Ocs

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  • NOAA Program & Office:
  • Sea Grant Program:
    LSU (Louisiana Sea Grant)
  • Description:
    The purpose of this study was to discern and quantify the differences in behavior and success among firms of different sizes (majors, large and small independents) operating in the Gulf of Mexico Outer Continental Shelf (OCS) region. Descriptive analysis of data on drilling effort and outcomes indicates that independents have been more aggressive and more successful than the majors in exploration, while the majors have been only moderately more successful than independents in development drilling. To investigate these differences more carefully, the authors developed a hydrocarbon model describing the process of adding to reserves through incremental drilling. In general, the pattern of the responsiveness of drilling and reserve additions to changes in the parameters used in the simulation strengthen the view that majors and independents respond to changes in their economic and regulatory environments in similar manners. Moreover, from their analysis it is evident that effective and efficient development of petroleum resources in the Gulf of Mexico is enhanced when firms of different sizes complement each other. This study addresses the concern within both industry and government circle that as smaller companies (independents) play a more prominent role in domestic exploration and production (E&P), domestic oil and gas resources will be developed less aggressively and less efficiently. The study was funded partially by the Louisiana College Sea Grant Program, the Minerals Management Service (MMS) of the US Department of Interior, and the Center for Energy Studies' Industry Associates Program.
  • Sea Grant Document Number:
    LSU-T-96-001
  • Document Type:
    Technical Report
  • Rights Information:
    Public Domain
  • Compliance:
    Library
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