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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: BigBull who wrote (53796)10/31/1999 11:34:00 PM
From: Douglas V. Fant  Read Replies (1) of 95453
 
BigBull, Well written article, but my guess is that the truth is somewhere in between the two positions for two reasons.

First I buy the projected decline curves for oil production from various UK/Norwegian Fields. And developing technology will increase recoverable reserves...

BUT (1) Price of oil is critical. If price is too low then companies will not invest capital to recover those incremental barrels regardless of whether technology is available; and (2) Impact of natural gas in many of these same reservoirs is not considered. Basically as oil is produced and reservoir pressure drops more gas will come out of the formation.

My guess is that this NG will take the place (substitute) of some of the declining oil production rom the same reservoirs. So truth is in the middle I believe....
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