The steps that lead to the production of oil and gas are diverse, complex and

costly. They are diverse, because the detection of oil and gas involves input

from many specialties, ranging from geology to reservoir engineering. They are

complex, as shown by the development of the job of the petroleum architect, who

coordinates all the operations. They are costly, as the investments for exploration

and production represent more than half of all investments in the oil and gas

sector. Moreover, exploration is a risky activity, both from the technical and

financial viewpoint: only one well in five produces marketable oil. Meanwhile, the

areas for exploration and production are spread throughout the world.

This book provides a complete overview of the stakes and challenges involved in

oil and gas exploration and production. Following a historical review and a survey

of the markets, the technical phases are covered, as are the evaluation of reserves,

the estimation of investments and costs, the decision-making and control

processes, and the accounting, legal and contractual environment for these

activities. The book concludes with a discussion of the role of safety, and of

environmental and ethical issues.

This third edition takes into account the huge changes in the oil and gas

industry, particularly the large increases in oil prices, investments and costs

observed since the first editions.

This work, which is designed for readers concerned with the various aspects of the

oil and gas upstream sector, is accessible to all.