RE: Gloom & Doom II

From: Glenn Morton <glennmorton@entouch.net>
Date: Thu Sep 09 2004 - 15:43:22 EDT

Found this in the backlog of UK paper clippings I had waiting to read.
 
       "It's a tale that Statoil's explorers enjoy retelling. In 1992,
the company decided to give up on an offshore tract after two
exploratory wells came up dry. Management was getting nervous about the
cost--$15 a well--and was ready to cut its losses.

        "The explorers still had hopes though, and managed to get
permission for one last try. The third well struck oil, opening a new
field with about 550 million barrels of oil, enough to satisfy all of
Britain's consumption for a year..

        "But Statoil's find, the Norne field, was the last significant
crude oil discovery in Norway. In more than 11 years of hunting since
then, quite a bit of natural gas has been found, but hardly any more
oil.

        "The same is true across much of the developed world. Western
oil companies are running out of likely places to look, and significant
finds are growing rarer." Jad Monawad, "New Oil Proves Elusive, and
Alarm Bells Ring, International Herald Tribune," Sept. 7, 2004, p. 1

**
"The number of wells drilled in the 11 full members of the Organization
of Petroleum Exporting Countries fell 6.5 percent in 2003 from the year
before." Jad Monawad, "New Oil Proves Elusive, and Alarm Bells Ring,
International Herald Tribune," Sept. 7, 2004, p. 1
Received on Thu Sep 9 17:33:31 2004

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