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The AAPG/Datapages Combined Publications Database
Houston Geological Society Bulletin
Abstract
Abstract: Exploration & Production Trends and the Emergence
of the National 
Oil
Companies
Oil CompaniesBy
Vice President
Exploration GOM
Murphy Exploration
and Production
Global market forces have created a dynamic, even volatile
business environment for the oil and gas industry. As a result,
the oil and gas industry has undergone
numerous periods of expansion and contraction
that have not always been associated
with the price of the commodity.
Historically, the oil and gas industry can
be classified into three distinct periods;
“Private Sector Growth—1880 to 1935,”
“National Oil Company Growth—1936 to
1985” and “Private Sector Consolidation—
1986 to Present.”
Each period can be characterized by distinct economic drivers
that resulted in unique outcomes for the oil and gas industry.
As an example, the current Private Sector Consolidation Period
marks the precipitous decline of the private sector major
operators and the emergence of the national oil companies as
the leaders of the global energy industry. The rise to prominence
of the national oil companies has already resulted in
dramatic changes to the global exploration and production
trends and energy.
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