Success factors of petroleum exploration and production companies

Bernhard Friess, Rupert J. Baumgartner and Gerhard Bauer

International Journal of Services and Operations Management, 2008, vol. 4, issue 2, 145-164

Abstract: The objective of the study is to explore actual success factors of the petroleum upstream industry. It also investigates how enterprises define and measure success as well as how they determine their strategies. With the aid of a multiplicity of workshops with managers from the petroleum industry who are involved in different areas of the business, a questionnaire has been designed. After performing a worldwide survey, the questionnaires of 21 responding companies have been analysed descriptively by correlation and by separating top performers. Owing to the ensured profitability in oil prices, former keywords such as acreage quality or cost management have lost their supremacy. The results give evidence that, among others, competent and satisfied staff found excellent performance. The findings of this explorative study provide a meaningful framework for strategic discussions in a dynamic environment. Furthermore, the research paper should represent a basis for formulating hypothesis for advanced success factor research.

Keywords: success factors; key performance indicators; KPI; strategy; petroleum exploration; petroleum production; survey; oil prices. (search for similar items in EconPapers)
Date: 2008
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