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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: Douglas V. Fant who wrote (53744)10/29/1999 3:08:00 PM
From: upanddown  Read Replies (2) of 95453
 
Doug

Talk about merger paralysis. Looking at the Oceandril data base, I find just 3 active deepwater projects (1000 ft+ rigs) for XON/MOB, two for MOB, one for XON. In contrast, Petrobras has 20, RD has 13, BPA has 6, even lil' KMG has 4. Where is the world's largest oil company by far and the world's largest industrial company going to go for significant exploration plays except the deepwater? Curiously, they also don't seem to have many newbuilds lined up. I would think a normal exploration program for a company of this size and during a period of $20+ oil would be at least 20 concurrent projects. Where are they going to get the rigs?

John
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