Our Oil Reserves and the Art of Prospecting

PROSPECTING for new deposits is a part of the ordinary routine business of the petroleum industry to an extent that is not true for any other mineral industry. The health of the industry depends upon whether we are successful or unsuccessful. How many know what it costs to find oil today and what it has cost in the past? Very few, I will wager. The industry is not well informed upon this extremely important point. We cannot deal in averages for lack of information. Does it cost more or less than previously? Prospect wells are increasingly deeper and, since the introduction of the core drill, prospecting techniques have required increasingly expensive field oper-