Further, he adds populist bite to the argument for those who perhaps find oil economics somewhat arcane.
If they do not find oil, they can cap their outlays at the costs already sunk.
Simpson has proven the old adage that the best place to find oil and gas is where someone's found it before.
Personally, I find oil a more appealing commodity play if you want to put your savings into something other than paper currency.
Now we have to go to 10, 000 feet of water to find oil, we have to go into oil sands, oil shales.
Third, they are all countries where you might expect to find oil.
Breakthroughs are clearly needed, though, if firms are to find oil economically in tricky places such as the Siberian tundra or the ultra-deep waters off Africa and Brazil.
If you look at across the whole life cycle of growing corn, making ethanol and burning it in a car, and compare that to what happens when you find oil and make gasoline and burn it in a car, you only have about 15 percent less greenhouse gas going into the air from burning ethanol than you would if you're burning gasoline.
Logic says that higher taxes on oil companies mean fewer incentives to find more oil.
As conventional oil is depleted and becomes harder to find, oil companies will increasingly look to unconventional sources to boost production.
Also, price signals matter: if there were a real scarcity of oil, prices would soar and companies would scramble to find more oil or its alternatives, while consumers would use less of it.
After all, should they find more oil in the Caspian, they would need an extra pipeline, too.
If teams find waste oil hard to come by they can load up with fresh cooking oil from supermarkets.
It is hard to find an oil and gas company involved in both exploration and production that is doing as lousy as Petrobras.
In general, says Fadel Gheit, of Oppenheimer, an investment bank, smaller, specialist exploration companies tend to find more oil relative to their size than big integrated firms.
Since uranium is 20 times cheaper to find than oil, (in terms of finding cost's share of sale price), the current price run-up has already spawned hundreds of exploration companies, where there were only a handful a decade ago.
While drilling in that depth of water was prohibitively expensive a decade ago, it's now easy for a company Triton's size to rent a drillship to find the oil and set up a floating production platform to process it.
The state is in a boom, thanks to a major oil find called the Bakken reserve.
Yet some firms are still managing to find plenty of oil and gas.
Britain is also hoping that Shell, an Anglo-Dutch oil company, will get a slurp of the huge new offshore oil find.
It discovered the biggest offshore oil find in years back in 2007, off the coasts of Rio de Janeiro and Espirito Santo states.
Now news of the off-shore oil find has provided a bubble of optimism and a hope that some lengthy wish lists will be addressed.
Even though U.S. firms can't buy petroleum directly from Iran, 2.5 million barrels a day of Iranian oil find their way into the world market.
He thinks we could find plenty more oil if Western companies were allowed to explore the world with the same intensity as they have northwestern Oklahoma.
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But technological advances in the way we find and tap oil and natural gas have propelled estimates of available reserves far beyond anything Hubbard could have imagined.
The story begins in 1992, when an army unit from Lanzhou in neighbouring Gansu province, drilling with state permission, made a decent oil find in Jingbian county.
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The fact that one deal, or an oil find, can make or break an independent gives the bosses of these firms a strong incentive to get things right.
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