In the face of a price slide that began in January 1997, oil finders continued to stick to business in 1998, making major discoveries in all corners of the earth.
Now, will the economics allow these new discoveries to be developed and produced?
The answer is undoubtedly "yes."
More elusive is the answer to the question: "When?"
All are hoping the answer to that one will be "Sooner rather than later."
A major step toward that goal is beginning to be taken by countries that are taking another look at their tax regimes and contract terms. Those exploration-friendly actions taken today will reap big benefits when energy prices shake off the late '90s doldrums.
The 15 countries exhibiting at the International Pavilion at the AAPG international conference in Rio and the 40 countries exhibiting at the AAPG annual meeting in Salt Lake City indicate there are indeed those who see great opportunities beyond the economic clouds of today.
Meanwhile, there was a lot to cheer about the past year.
Listed in this story are selected major discoveries of 1998, as compiled by Petroconsultants.
The list includes operator,well name, basin and production reports.