Abstract

Oil exploration people are responsible for developing a program adequately to satisfy an anticipated world-wide demand of 50 million barrels of oil per day by 1975. It is apparent that we must continue the search with increased effort if we are to maintain our present competitive position as prime suppliers of energy. One of the main reasons why our position is less secure than it was a decade ago is that the return on investment in exploring for oil in the United States is poor. The solution lies in maintaining petroleum competitive with other producing areas. Exploration is the key to meeting this challenge. Four prime factors are considered in relation to satisfying this objective. They are exploration planning, exploration personnel, exploration research, and finally exploration stability - the key to effective growth.

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