Technological Improvement in Petroleum Exploration and Development
What the industry has been buying for its exploration and development dollars also has changed in recent years. There has been a shift from onshore to offshore projects, particularly toward costly, but profitable, deepwater projects in the Gulf of Mexico. Another change is the target of drilling efforts: from oil to natural gas. By 1993, the number of successful gas wells drilled exceeded that of oil wells for the first time in U.S. history.