Best Small Cos. Energy companies have been forming joint ventures and exploration alliances practically since Edwin Drake drilled the first oil well in Pennsylvania in 1859. But today exploration has taken oil companies to the bottom of the ocean where drilling for oil is no easy feat.
Success breeds success.
Today BP is the oil company with which others want to partner. In August 2000, for example, BP and Cidra, a maker of fiber-optic equipment, formed an alliance to build smart wells. BP also recently began working with Primex, a company that makes commercial satellite propulsion systems. By partnering, the two companies will develop valves that can control the flow of oil inside the well. Besides giving its drilling business a boost, BP's partnerships are also transforming the way it does business.