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Industry overview by its leaders:
On oil/gas exploration:
“...clearly in the US there is a shortage [of prospects]. That is why we have high gas prices, because we are not producing as much oil and gas and we are not producing enough because we cannot find it [in places that are easy to get to] anymore” - David Trice, CEO of Newfield Exploration, Oil & Gas Magazine, January, 2006. p. 32.
“There is no shortage of oil and gas in the ground. But quenching the world's thirst for them will call for a major investment in the modern technologies” - Claude Mandil, Executive Director of International Energy Agency.
“The world, according to the [IEA] study, contains at least 20 trillion boe of oil and gas, about half of it conventional and 5 to 10 trillion boe now technically recoverable” - Oil & Gas Magazine, January, 2006, p.38.
On expertise needed to find natural resources:
“…We don't have sufficient depths of really experienced talent we can pull on…” - Louis Raspino, CEO, Pride International, Oil & Gas Magazine, p.32.
“Over the past 10 to 15 years there has been a gap where we kind of lost a generation of workers who were not attracted to the industry, and that is definitely a hole that needs to be filled.” - Park Sharper, president of Kinder Morgan, Oil & Gas Magazine, p. 29.
GLOBAL petroleum PROSPECTING