A prized aspiration: Stability

Asia Pacific Region

The state of the industry in the Asia Pacific Region, at this point of the year, remains “relatively active – and hopeful that activity levels will remain stable,” Region president Joe Lambiase said.

“The profession is still doing OK – there are still jobs available,” he said. “Maybe not as much as in mid-2008, but at a healthy level.”

Exploration activity in the region during the past year, he said, “is difficult to categorize.

“There was a fair amount of activity, but a lot of it was the result of commitments made one or two years earlier,” Lambiase said. “Acreage acquisitions were down, but not dead.”

The Region didn’t have any one focused “hot area” as do many other locations, Lambiase said – although, in general, large and small companies drilled a lot of deepwater and syn-rift targets, respectively.

“I look for the same play trends to be pursued by the same types of companies over diverse geographic areas” in the coming year, he added.

The Asia Pacific Region officials, like others, see the fulfillment of stable oil prices and budgets as leading challenges to overcome in 2010.

“There are adequate prospects and development projects,” Lambiase said, “if there is money to drill them.”

But there is some potential trouble on the Region’s horizon.

“Some of the small companies could be in financial trouble if their upcoming wells are unsuccessful and they cannot raise more money,” Lambiase warned. “This could lead to a number of them going out of business in one way or another, which could have a knock-on effect for employment if it happens to enough companies.”

The remedy?

“I’d like to see a stable economic environment,” he said, “so that companies and professionals alike can adjust to stable activity levels.”

Comments (0)

 

What Can I Do?

Add Item

Enter Notes:
 
* You must be logged in to name and customize your collection.
Recommend Recommend
Printable Version Printable Version Email to a friend Email to a friend
Joseph J. Lambiase
Joseph J. Lambiase

Joseph J. Lambiase is serving his second term as the Asia Pacific Region president. He is with Chulalongkorn University, Bangkok, Thailand.

See Also: ACE Program Paper

ACE Program Paper Four Seasons Ballroom 2 & 3 Potential Fluid-Migration Pathways Indicated by Multichannel-Seismic Data From the Southeastern Florida Platform Potential Fluid-Migration Pathways Indicated by Multichannel-Seismic Data From the Southeastern Florida Platform Desktop /Portals/0/images/ace/2015/luncheon heros/ace2015-tp3-evaporites.jpg?width=100&h=100&mode=crop&anchor=middlecenter&quality=75amp;encoder=freeimage&progressive=true 15111

See Also: DL Abstract

DL Abstract Geology of Modern and Ancient Oceanic Arcs Geology of Modern and Ancient Oceanic Arcs Desktop /Portals/0/PackFlashItemImages/WebReady/geology-of-modern-ancient-oceanic-arcs-hero.jpg?width=100&h=100&mode=crop&anchor=middlecenter&quality=75amp;encoder=freeimage&progressive=true 11653

See Also: Explorer Article

Explorer Article This time, H2O rises to the top GTW Tackles Water Issues GTW Tackles Water Issues Desktop /Portals/0/PackFlashItemImages/WebReady/gtw-tackles-water-issues-2013-01jan-hero.jpg?width=100&h=100&mode=crop&anchor=middlecenter&quality=75amp;encoder=freeimage&progressive=true 2268
Explorer Article Education Update Education Update Desktop 3346

See Also: Explorer Emphasis

Explorer Emphasis Article Long time coming Seismic While Drilling Moves Closer to Reality Seismic While Drilling Moves Closer to Reality Desktop /Portals/0/PackFlashItemImages/WebReady/seismic-while-drilling-moves-closer-to-reality-2013-12dec-hero.jpg?width=100&h=100&mode=crop&anchor=middlecenter&quality=75amp;encoder=freeimage&progressive=true 1760