The Houston Geological Society held a “Deepwater Dry Hole” conference in early November to a standing-room-only crowd. Why the interest in “dry holes?” They have been our nemesis from the beginning of our industry. We usually held post-mortems quietly and tried to sweep it all under the carpet. No one likes to talk about failures. The papers presented at our professional conferences usually try to paint a glowing picture of how good we are at applying our expertise that we are gaining from our technology development. The cost of drilling “dry holes” was just a part of doing business and...

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