(MENAFN- ProactiveInvestors)INTRODUCTION In the news: PESGB Conference The snappily titled Petroleum Exploration Society of Great Britain (or PESGB) is holding a conference on African E&P. This kicked off yesterday in Islington and obviously we were in attendance. There was a particularly sterling call to arms by John Austin OMV's General Manager Sub-Saharan Africa. His talk was entitled: 'Exploration in Africa in low oil price environment: does it make sense' Thankfully his conclusion was that it does. He emphasised that African players must be more patient than before making full use of the data provided by modern technology before drilling lots of scattershot wells and that collaboration must be increased. Licence round bids over recent years have been too aggressive. John felt that they included work programme timetables that did not allow for an in-depth use and analysis of the available information before exploration drilling commenced. He finished by saying that the industry needed to learn to become successful again with US$50/bbl oil and that it could do so as long as it was less gung ho than it had been when oil was at US$100/bbl.
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