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The Leading Edge; June 2000; v. 19; no. 6; p. 636-638; DOI: 10.1190/1.1438682
© 2000 Society of Exploration Geophysicists
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Thoughts on the new economy and implications for the E&P business

Don Paul

Chevron Corporation, San Francisco, California, U.S.

Corresponding author: D. Paul, paud@chevron.com

The first 20% of the full text of this article appears below.

Discussions and tales of the "new economy" are ubiquitous. Reactions range from skepticism to euphoric enthusiasm. There is fevered competition for market capital and talented employees between established companies and ".com" start-ups. Every company, in every industry, is trying to determine what is it, what does it mean for their business, and how should they participate. The objective of this paper is to attempt to present a framework for the drivers, issues, and implications of E&P in the "new economy."


   The new economy
 
Frequently in the business media, we hear the phrase old economy applied to long-standing industrial sectors, such as oil and gas. And, conversely, the phrase new economy is often applied to new companies in the technology sector. An alternate and perhaps more illuminating view is represented in Figure 1. In this paradigm, the creation of the new economy is the result of the intersection of the traditional industrial economy and the rapidly growing technology economy. The real economy will always be a combination of information, material products, and services. In the new economy, however, the assignment of economic value, the structure and conduct of business processes, the nature of organizations, and distribution of physical assets may be radically altered from those of the old economy.


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  		Figure 1. The new economy is emerging at the intersection.

 
The intersection of the asset-based industrial economy and the technology-based digital economy creates the opportunity for material (even radical) changes in the way businesses produce value. As such, this generates a powerful incentive for existing companies to transform themselves to be better adapted to the new environment, as well as creating new competitive rules to favor the emergence of new "species" of businesses. These new entities exist only as a result of the emergence of a powerful new technology environment which I will refer to as . . . [Full Text of this Article]






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