Hi Mrs. P, I have not been following the talking that Cheney has been having, but as we can see there are
certainly delays between the implementation of production increases and decreases and when we actually see
the price movememts unfold.
It's been interesting to see that Saudi Arabia has recently let some of the integrated oil companies such as
XOM get involved in developing some new fields in Saudi Arabia
Forbes.com
Exxon's Lee Raymond Secures Two Saudi Deals
By Debra Lau
Wealthy, powerful people in the news:
Exxon Mobil Chief Executive Lee Raymond is back in Saudi Arabia, having won two of the kingdom's three multibillion-dollar gas-opening deals. Prior to nationalization in 1975, Exxon and Mobil, along with Chevron and Texaco , were four U.S. partners that managed the kingdom's oil industry as part of the Arabian American Oil Company. Now Exxon is back to take advantage of its long history in Saudi Arabia, beating out fierce competition for leadership of the prized $15 billion South Ghawar development and the $5 billion Red Sea gas deal. Exxon Mobil, already a big investor in the kingdom's oil refining and petrochemical sectors, won the starring role in the Saudi Arabia's gas opening, which has three projects worth an initial investment of $25 billion. As leader in South Ghawar, Exxon holds a 35% stake, with fellow oil majors Royal Dutch/Shell and BP each holding 25%, and Phillips Petroleum has a 15% stake. In the Red Sea development, Exxon holds 60%; Occidental Petroleum and Marathon Oil each hold shares of 20%. "A strong leadership role will keep things moving--especially right now," Raymond said. "We all agree that speed is of the essence." More... |
