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: Lee Fredrickson who wrote (4803)	12/11/1997 8:57:00 AM
From: Lucretius	Read Replies (1) of 95453

Believe Texaco is a non-event. They are simply choosing a different strategy to grow their reserves. This does not change the overall economics driving the sector. Note: TX is looking for projects that are profitable at $15 oil. My contacts at TX say that this is not a condemnation of exploration by TX, but rather a new stategy in which they think they can compete better by exploitation and aquisitions rather than exploration. Somebody else still has to drill. This is a simple strategic call and says nothing for other producers. Here's a little good news! LONDON, Dec 11 (Reuters) - Shell said on Thursday it is setting up a deepwater oil and gas exploration and production center in the Netherlands to help it develop deepwater sites more rapidly and at a lower cost. The centre, to be based in Rijswijk, near The Hague, will start operating from 1 January 1998, the firm said on Thursday. "Shell is convinced that the centre will offer Shell companies around the world a unique competitive advantage by helping them to develop deepwater opportunities and in a shorter time cycle," said the statement. Deepsea exploration is booming, sparked by rich discoveries in the Gulf of Mexico and off Brazil and West Africa which are helping companies bolster dimishing reserve portfolios. Whereas most offshore oil currently comes from depths of up to 400 meters, drillers have already explored for oil and gas in waters as deep as 2,400 meters. Shell is planning to spend $2.5 billion this year alone on exploration and production in the Gulf of Mexico. The company's projects in the Gulf include the Mensa field which produces gas from 1,615 meters under the sea. 08:05 12-11-97

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