Discussions and tales of the “new economy” are ubiquitous. Reactions range from skepticism to euphoric enthusiasm. There is fevered competition for market capital and talented employees between established companies and “.com” start-ups. Every company, in every industry, is trying to determine what is it, what does it mean for their business, and how should they participate. The objective of this paper is to attempt to present a framework for the drivers, issues, and implications of E&P in the “new economy.”

Frequently in the business media, we hear the phrase old economy applied to long-standing industrial sectors, such as oil and...

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