E&P Business in Low Oil Price Period

—How Should Industry, Government and Academy Behave?—

Abstract

The period of low oil price is a hard days for the E&P industry. With a reducing income, companies need to maintain their production and struggle for additional reserve to sustain their business. Although their approach varies by company, basic way of reaction is mostly the same; Sustainable production with optimized operation cost, selected and concentrated exploration target, minimized development and postponement of some projects, restructuring of company and employment. Besides these measures, one of the most important thing is the continuous recruitment of young talent to succeed the technical and non-technical know-how of the company and the industry.