Whatever the oil and gas prices, whatever the technical merits, however the current economic situation may look, it is, in the end, our imagination and our ability to challenge conventional wisdom that often, if not always, provides the next opportunity.

One frequently hears that there are few good deals for exploration or development, yet in the past decade almost half the world has opened up to our industry. We blame host country fiscal terms or so-called played-out basins but rarely face the fact that we may have become complacent; we have lost many of the deal-creators and their imagination and...

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