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: Big Dog who wrote (32194)	11/28/1998 1:54:00 PM
From: Elmer	Read Replies (2) of 95453

Big, as I am sure you are well aware, there are some very big differences between the 80's and today. #1 on the list has to be that the world's excess producing capacity was close to 40% whereas right now it's between 5-10%. #2 is just the amount of rigs available. We had some 5000 odd rigs available back when demand for oil was much less than 75 mm bpd. #3, back then depletion of natural gas wells in the GOM was not running 40%+ and natural gas was not a significant driver of oilfield activity. I am sure you know all this, but, I just wanted to establish the point that there is no way we will be in the dumps for another 11 years. Elmer

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