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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: kormac who wrote (12751)	9/19/2002 8:21:59 PM
From: Tomas	Read Replies (1) of 206214

Depletion rates for world oil reserves Bob Rose, chairman of offshore oil and gas driller GlobalSantaFe Corp., comments: "The world depletion rates are conservatively running at about 5 percent, and if you assume that we're currently producing about 76 million barrels of oil a day, our depletion rate is running at about 4 million barrels a day. That's new oil that has to get on stream just to take up the decline. Layer on top of that any growth in demand, and people are expecting about 1 percent growth in demand, and you can see the need for companies to boost exploration". Source: Bloomberg Energy, September 19

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