Triton Energy Essay

458 Words2 Pages
Bill Lee retired in the mid-1990s from Triton Energy after leading the Dallas-based oil and gas exploration firm through three turbllient decades. During Lee's tenure, Triton discovered large oil and gas deposits in several remote sites scattered around the globe. Although adept at finding oil, Triton's small size hampered the company's efforts to exploit its oil and gas properties. Major oil firms, large metropolitan banks, and other well-heeled investors often refused to participate in the development of promising oil and gas properties discovered by Triton. Why? Because they were unnerved by Bill Lee's reputation as a run-and-gun, devil-may-care "wildcatter." To compensate for Triton's limited access to deep-pocketed financ iers, Lee resorted to less conventional strategies to achieve his fi rm's financial objectives. In the early 1980s, Triton struck oil in northwestern France at a site overlooked by many major oil firms. To expedite its drilling efforts and to gain an advantage over competitors that had begun snapping up leases on nearby properties, Triton formed an alliance with the state-owned petroleum firm, Compagnie Francaise des Petro/es. This partnership proved very beneficial for Triton since it gave the firm ready access to the governmental agency that regulated France's petroleum industry. A business journalist commented on Triton's political skills as a key factor in its successful French venture. "Triton's success is due not just to sound geology but also to good politics. It has established a close relationship with the all-powerful French energy administration, which issues all new drilling permits."1 Triton's policy of working closely with government agencies and bureaucrats landed the company in trouble with U.S. authorities during the 1990s. Charges that Triton bribed foreign officials to obtain favorable treatment from
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