“May you live in interesting times” is often referred to euphemistically as “the Chinese curse.” Though there is no real evidence that the expression stems from a Chinese proverb, lore has it that this “curse” is the first of three curses of increasing severity, followed by, “May you come to the attention of those in authority,” and “May you find what you are looking for.”

An interesting progression.

Whether living in interesting times constitutes a curse or a blessing depends on your point of view. As I see it, the oil and gas industry is experiencing very interesting times, and they are times of tremendous change and opportunity.

In June of 2005, oil reached a record high of US $60 per barrel. In July of the following year, the price was above $77. By June 26, 2008, the price was at $140, rising to a record high of $147.27 on July 11, 2008. Beginning last September, the price declined rapidly, only recently leveling off and gaining ground, reaching a relatively stable price of $67/bbl in July of 2009.

The situation the industry finds itself in today has been brought about in part by the cyclical rise and fall of oil prices. In principle, this is nothing new. We are all familiar with how those prices affect day-to-day business, but the most recent mega-boom was the precursor to a bust that has left many companies reeling.

The drop in oil price combined with the global economic crisis threw the industry into a tailspin, but this is not the first time the industry has experienced a precipitous descent.

Experience has taught valuable lessons about how to pull out of a dive, and though many companies have been forced to cut budgets and personnel, they are not losing sight of their long-term objectives, which include investment in R&D that will move the industry into deeper water and more harsh environments.

Adapting to change

When weathering a sea change, it is wise to keep your eyes on the horizon. The smart companies are doing that—making investments today to reach the destinations that will be important tomorrow.

A publication is no different. The approach to change is much the same.

At E&P, we’ve experienced considerable change with the departure of Bill Pike, the man who has been the face of the magazine for the last nine years. Bill is an icon. His 40 years in oil and gas, his wealth of personal experience, and the breadth of his professional network have been invaluable to Hart.

Having come to the attention of those in authority, I have moved into the role of editor.
I have had the good fortune to work closely with Bill since I joined E&P, and I am looking forward to his continued involvement with the magazine. His gracious acceptance to head up an advisory board for E&P will ensure that we retain the value of his experience as we make some significant changes of our own.

There will be many changes ahead. Some of those changes will be to the content and appearance of the magazine, and some will further extend the reach of E&P via the Internet.

Change brings challenges. Challenges bring opportunity. That’s what keeps things interesting. And isn’t that what we are all looking for?