OIL & GAS FINANCIAL JOURNAL: Looking at Parallel Petroleum’s (PLLL’s) history since it was formed in 1979, are you still operating in pretty much the same geographical areas and basins that you started out in 27 years ago or has the company expanded into other areas? What is the company’s thinking on this?
In OECD countries, demand for oil is some 250% higher than indigenous oil production/supply, generating a widening supply gap as indigenous production falls and demand for oil continues to rise.
The oil and gas industry is a risky business. Traditionally, E&P companies are comfortable with a certain level of risk - much more so than, say, utility companies, which tend to be risk averse.
In a press briefing held Nov. 1 in Houston, Wood Mackenzie, the Edinburgh, Scotland-based energy consultancy, and Fugro Robertson, a geoscience provider to the upstream oil and gas industry, provided an updated assessment of the Arctic regions as a long-term strategic energy supply source.
