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This paper summarizes the principal results of a major econometric study of the determinants of oil exploration in developing countries in the period from 1970 to 1982. The results suggest that, while geologic promise is a necessary condition for exploration to take place in a particular area, it is not sufficient. In particular, economic, institutional and political factors in varying degrees of importance also seem to play a role. The author also sheds light on the traits of petroleum firms that have been more prone than others to explore in developing countries.