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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: GaAs52 who wrote (51666)9/23/1999 1:15:00 AM
From: upanddown  Read Replies (2) of 95453
 
GaAs52

I'am puzzled by the gas/oil rig ratios too since the price of oil has risen much more than gas. I would have expected an explosion in deepwater drilling worldwide with $24 oil. I get the impression that the under-capitalized little guys search for gas and the big boys look for oil. There seems to be little interest in looking for oil on land or shallow waters. I think major players are interested mainly in deepwater basins worldwide but they seem to be paralyzed by merger activity and 1999 budgetary restrictions. I think they are being very deliberate in evaluating their deepwater prospects because of the immense cost involved but I expect a lot of activity in the last few months of 1999 lining up rigs for Y2K projects.

John
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