Exploration of the planet for new oil reserves has been dramatically increased, in the last decade, to meet the growing demand of fossil fuels. By the end of 2013, consumption of the petroleum products had jumped to 90 million barrels per day across the world. Forecasting showed that this consumption would rise to 91 million barrels or slightly more per day by the end of 2014.
Around 70% of the earth is comprised of water that represent a huge amount of these reserves are under water, thus many of the companies had already started to explore these reserves but only few of them had succeeded to capture this opportunity.
However, it causes numerous challenges for the companies while exploring these underwater sites such as economical, technological and environmental so it might lead to the promotion of offshoring exploration companies in the industry.
In many of the drilling sites, Carin India, had gained the outcomes and had become the most ideal company for offshore exploration. Although, availing this new offshore exploration opportunity would lead the company to be prominent in the industry but a factor of confusion was that whether the company should utilize the first mover advantage or to learn from the other player’s mistake and avail the benefit, although, being a late entrant.
Related Case Solutions & Analyses:
United Cereal: Lora Brills Eurobrand Challeng
Business Plan The Stone Appeal Jewelers
Mediated: How the Media Shapes your World and the Way you live in it
Video-Cats: Wireframing and Prototyping
Brink’s Company: Activists Push For A Spin-Off
China’s Renminbi: “Our Currency, Your Problem”?
Levi Strauss & Co. (C)
Silkor Laser Medical Center
A-CAT Corp.
Ajax Petroleum
