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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: The Perfect Hedge who wrote (12348)2/21/1998 7:01:00 PM
From: Broken_Clock  Read Replies (2) of 95453
 
BB-
Don't know the date of the new auction but the last one set all time highs for accepted bids a few months ago. There are, according to all I've read, only a few untapped known large fields left in the world. perhaps once technology gets there we'll be drilling in depths like 15,000' feet. Hard to say if there's oil there but the technology isn't there yet anyway. The pressure at those depths is enormous.Even seismic would be a challenge because of the environment at those depths. 3-5,000' is mind boggling. If they're drilling at those depths the demand must be staggering. That's like saying "We've run out of usable farm land so we're now growing tomatos on Mt. Everest".
PK
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