The essentials of oil

By BR -
Some excerpt of a write-up in NYT

 

The near death experience of the world economy in 2008/2009 may have dulled the ‘magic of the market’ but it cannot dilute the fact that the successes of the oil industry over the past decade have been because of the forces of free enterprise and the market.

 

Most breakthrough technological developments have occurred within the laboratories of the private sector and under the compulsions of competitive pressure. A good local example of the power of free enterprise has been the D6 gas discovery in the Krishna Godavari (KG) basin by Reliance. The KG basin was for years under the monopoly control of the public sector oil companies. They did explore but with limited and small success. Reliance had no prior experience in oil/gas exploration notwithstanding it discovered one of the largest gas fields in the world. Moreover it brought the discovery into production within a time period that major international companies with much greater experience would have been hard pressed to achieve.

 

Remarkably they did all this with many of the people that had earlier worked for the public sector. How did they do it?. I do not know the specific answer, but I can say that the catalyst for such breakthrough performance had to have been the spirit of excellence that drives successful private enterprise and which gets honed through competition. And also the acknowledgement that in today’s connected world it does not matter from where excellence is secured — whether the staff be Indians or foreign; the ideas indigenous or imported; the technology proprietorial or off the shelf — so long as the end result is world-class performance.

 

 


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