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Title: Exploration Economics- How A Large Independent Looks At Exploration Today
Author: J. B. Coffman
Source: American Gas Association 1984
Year Published: 1984
Abstract: I would like to share some thoughts about exploration and its underlying economic considerations. Certainly with the news full of major acquisitions, there is evidence that many companies believe reserves can be purchased more economically than can be found by exploration. Our company. Aminoil, has made a few producing properly purchases at attractive prices. Even so, after reviewing our situation, we have for the past two years committed ourselves to emphasizing high quality and high technology exploration - together with realistic risk assessment in our economic analyses. 1 would like to go through the thinking that has led us to our commitment, starting with some comments on the problem of generalizations about reported reserve purchases. Then Ill comment on the elements of risk in exploration and how we use our best technology lo assess them. A few thoughts on business risk assessment will follow. I will conclude with some remarks on strategy and the philosophy of a large independent in our industry. (See Figure 1.)

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