Exxon’s Search for Oil Gets Harder

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To make the situation even more interesting, many of the major oil companies downsized their R&D operations during the cycle dips in the 80s and 90s. That put the service companies in the unique position of developing much of the new technology now required to drill in hostile climates and reservoirs. So not only does Big Oil not have access to most of the remaining known reserves, their role as helper is likely to be displaced by the services companies as the NOCs go directly to the technology providers.

Daisy of TX 9:27AM February 20, 2008