Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: SliderOnTheBlack who wrote (56609)	12/9/1999 8:40:00 PM
From: Tomas	Read Replies (2) of 95453

North Sea production will peak next year, according to The Royal Bank of Scotland's latest market report. But, despite strong oil prices averaging almost $25 for Brent crude in November, capital investment in the sector is only expected to rise marginally in 2000. The RBS report says:"Producers remember too well the fall in price last year and do not regard current price levels as sustainable - they are certainly no basis on which to plan." It says a larger increase in investment depends on there being confidence that prices will remain above $14. Steven Scullion, head of research at Wood MacKenzie, said the number of exploration appraisal wells being drilled in the North Sea was falling steadily and would be 30-40 this year compared with around 60 last year. "Exploration managers are having to compete for resources with their counterparts in the Gulf of Mexico, where there have been three billion barrel discoveries in the last six months, and West Africa. The number of corporate mergers still being worked through is also causing a bit of an investment vacuum," he said. From Financial Times, December 9

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