During 2005, the oil industry paradigm changed somewhat. The media highlighted doubt concerning world oil reserves expressed in time expectancy. Is it less than the sliding 40-year scenario? There are optimistic and pessimistic scenarios. During the year, demand and supply coincided. The oil prices increased drastically as a consequence of the growth of China, India, and other countries. On the other hand, environmental specialists have alarming forecasts with respect to the greenhouse effect and temperature increase because of CO2 accumulation. Initially, the capture of CO2 probably will lead to more wells being drilled. As a result of these contradictory parameters, the drilling industry has many challenges ahead to deal with instantaneous lack of oil and future complex developments. The giant fields are reputed as discovered. Maybe the potential lies in some unexplored region (e.g., east Siberia), deep buried reservoirs (onshore and offshore), or better drainage of existing reservoirs improving the recovery factor to 65% or more. To renew the reserves, the drilling community faces many challenges. For deep reservoirs, in some instances ultradeep wells, those challenges lie in ultrahigh pressure, high temperature, and narrow mud-weight windows. Therefore, a new casing design (e.g., monobore) and new engineering and operation procedures will be required. For enhancing the life of existing reservoirs, the technology of through-tubing completions opens new perspectives. Cementing operations, often underevaluated, are of prime importance. Recent developments have led to a wider range of cement-slurry density, new well designs, and simplifying of operating procedures. Coming back to basics, with respect to destruction of rock, let's dream: Why not a revolution using laser technology? Future generations of drillers will write case-history papers on laser-drilled wells. How soon—in 2050, 2030, maybe sooner? Drilling and Cementing Technology additional reading available at the SPE eLibrary: www.spe.org SPE 92194 "Maximizing Drill Rates With Real-Time Surveillance of Mechanical Specific Energy," by Fred E. Dupriest, SPE, ExxonMobil, et al. SPE 95888 "Benchmarking Deep-Drilling Technologies," by S.W. Lambert, Schlumberger Consulting Services, et al. SPE 96927 "Why Don't We Pump More Type I/II Lightweight Slurries?" by R.R. Myers, SPE, BJ Services Co. Available at the OTC Library: www.otcnet.org OTC 17459 "Drilling Underbalanced From a Floating Unit in a 1500-m-Water-Depth Exploratory Well: Planning, Equipment, and Rig Modifications," by A.C.V.M. Lage, Petrobras