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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: elmatador who wrote (123676)8/26/2009 4:58:30 PM
From: JimisJim3 Recommendations  Read Replies (2) of 206093
 
This is a real danger... from that piece elmat posted:

Falling investment does not simply crimp exploration and delay large projects. It can also lead to lower spending on maintenance and thus prompt faster declines in output. The IEA estimates that the output from mature fields outside OPEC would naturally drop by about 11% a year. But through tricks such as injecting water or gas to maintain pressure, oil firms manage to reduce the rate of decline to 7.7%. Lower investment this year, the IEA calculates, is likely to push the rate up to 9.4%. That will reduce world oil output by 110,000 b/d this year, by a further 250,000 b/d next year and, through compounding, by increasing amounts thereafter. Merrill Lynch, meanwhile, thinks the IEA underestimates the likely rate of decline.</>
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