The Oil Industry has been witnessing many rapid developments recently. A tough competition is arising between Super Majors and National Oil Companies (NOC). Eight of the largest 10 E&P in the world are NOCs. Small Independent producers, engaged primarily in production development found a niche market. Presenting almost no competition to NOC or IOC, they offer a solution for many assets, which are of no current interest to major oil companies.

Keywords:
reserves replacement, host government, contract, independent oil company, competition, asset and portfolio management, government, risk capital, Upstream Oil & Gas, major oil company
Subjects:
Asset and Portfolio Management, Reserves replacement, booking and auditing
Copyright 2006, Society of Petroleum Engineers
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