Few figures within the oil industry have been more influential or as successful as Mark Papa. Mr. Papa, for those who are unfamiliar, was one of the primary founders of Enron Oil and Gas from which he established an oil empire that became one of the largest which stretched all the way from North Dakota to Southern Texas.
Mr. Papa withdrew from the oil industry spotlight when he retired from the business only three years ago in 2013 due to his massive success. Yet he has returned! This begs the natural question, what lured the maverick oil tycoon back into the oil game? The answer is a simple one: the price of oil itself. According to Mr. Papa himself, he returned due to the shockingly low price to which oil had dropped stating that, “Had oil stayed at one hundred dollars a barrel I would have stayed retired.” But it has not and this gave Mr. Papa the idea that a lack of investments in various oil fields would eventually cause a massive increase in demand, what is typically referred to as a “shortfall.” Riverstone founders David Leuschen and Pierre Lapeyre encourage him to get back in the game.
After returning, Papa went to work directly for the oil mega corporation on prospective investments for around a year as the cost of the product continuously dropped, just as Papa had predicted it would. However, that line of work just wasn’t in the cards and Papa shortly thereafter created a whole new oil company that sought to replicate the success of the company that had catapulted him to fame, EOG. The reason for the new venture was that Papa had realized that, good at predictions though he was, he had made a blunder when he previously stated that there would be no new groundbreaking oil fields to be discovered. There was one he had not considered – the Permian Basin of Southern Texas.
However, Papa was not the only bloodhound who had caught the Permian scent – indeed a whole host of oil prospectors had swarmed over Southern Texas desperately seeking signs of a rich deposit. Yet, not to be outdone and utilizing his considerable experience, Papa acquired the rights to the Centennial Corporation, an outgrowth of a massive energy company which had holdings in and around the Permian Basin and with prospective drilling plans slotted to continue for the next 15 years the venture looks to be an extremely promising one.