AUTHORS: John Thompson and Douglas Kirwin
The industry has been through a dramatic boom and bust cycle over the last five years. Exploration activity rose significantly during the boom. Discoveries were made but not at a level proportional to the expenditure. When the financial crisis struck, exploration programs were curtailed and the chances of new major discoveries have been significantly reduced. The industry must decide how to deal with this cycle and the potential for ongoing volatility – the possibility of dramatic supercylces. How companies respond and position themselves for the next revival will determine their chances of success. Difficult times provide opportunities to prepare for the future by improving teams, developing better approaches, and building quality portfolios. There will be discoveries but the odds for success for any individual company or group can certainly be improved.
KEYWORDS: Cycles, Exploration, Success
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