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: Post_Patrol who wrote (64113)	4/9/2000 3:32:00 PM
From: CommanderCricket	Read Replies (2) of 95453

Thread, What I find interesting in all the discussions about exploration budgets is that no one is talking about depletion. An E&P can not remain an E&P without exploration. You must continually replace reserves. I believe that many companies have been using the recent quarters to repair balance sheets and pay down debt. This can't go on forever. I am convinced that the E&P's will have to devote a substantial increase in money for exploration much sooner than most everyone is assuming. Low exploration for several years isn't going to cut it. You can see the impact right now in the US market for NG. JMHO - Michael

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