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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Douglas V. Fant who wrote (56130)	12/6/1999 2:15:00 AM
From: upanddown	Read Replies (4) \| Respond to of 95453

Hi Doug Trying to understand this strange bidness. On 4/30/99 there were 45 rigs in the GOM looking for gas and 52 looking for oil. Since 4/30 the Jan contracts have increased 60% for oil and declined 15% for gas. On 12/03/99 there were 117 rigs in the GOM looking for gas and 1 looking for oil. Land rigs looking for oil have increased sharply since 4/30 (about 100%) while land rigs looking for gas have gone up about 60%. Do you know of any reason for the disparity between oil rig activity onshore and offshore? Is it just the much longer lead times for offshore projects? I find it amazing that one rig is looking for oil in the GOM at a time of $26 WTI. That argument about "sustainability" seems so bogus to me. Anyone looking at a chart showing oil prices since 1973 would have to conclude that accurate predictions about sustainability of oil prices are just as difficult now as they have been for the last 25+ years. TIA, John