During the 1980s, visionary oil companies embraced new 3D seismic technologies to radically improve subsurface imaging. Today, a new breed of "virtual energy companies" is beginning to explore more collaborative business models, leveraging new global information technologies to re-invent decision making across the entire E&P lifecycle.

In a truly collaborative model, the oil company would own both the reservoir and associated earth model throughout the life of the asset. The service company would provide the information systems and technical support needed to create and store the earth model. It might even have controlled access to that model in real time. But the oil company would never give up ownership. It would remain the macro-level project manager by choosing which service companies to use and managing the interfaces among all the parties involved. By doing so, it would become a true virtual energy company.

Within this virtual company, all partners and service providers would maintain highly interactive and collaborative relationships at every stage of the lifecycle, from early exploration through late production. To the casual observer, it might even be difficult to identify which individuals work for the service company and which work for the energy company. However, the underlying economies of knowledge would always be clear to the individuals themselves through access to and support of the particular decision- making processes associated with their home base.

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