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I am new to this subject and have gone through a paper of octavian but i want to know how sequence stratigraphy is used for hydrocarbon exploration. Actually i am graduate student and came to know through different sources that this is the most important question to know before an interview. please help me out if any one have any paper or please discuss here even if possible....

I recommend reading the AAPG Memoir 26 (1977) ENTITLED "Seismic Stratigraphy - applications to hydrocarbon exploration", edited by Charles E. Payton. In that memoir, the key papers are by Vail ("the father of seismic sequence analysis") Part One: the Overview (Vail & Mitchum). I think most exploration libraries have this book.
Good luck ,
Rien Nederlof

You can freely download my handbook on "Practical Sequence Stratigraphy" at www.direct-ms.org/geology

If I was asked this question in an interview I would say:
"sequence stratigraphy is the basis for projecting from well control into undrilled parts of a basin the critcal factors for finding oil and gas fileds; where the source rocks are likely to be, what are the reservoirs likely to be, how good are the seal rocks likely to be and whether there are chances for large stratigraphic traps."
Hope this helps and good luck in your interviews.
Colin

Sequence Stratigraphy is best praciticed on wireline logs and is a best tool in well to well correlation on the bases of time bouding surfaces i.e. unconformities and their correlative conformities which lead to an establishment of a stratigraphic model and hence help in finding stratigraphic traps such as sand of basin floor fans.