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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: big guy who wrote (39251)	2/16/2005 10:49:22 AM
From: kormac	Respond to of 206321

Oil Development May Not Be Able to Slow Price Rise AFX News Limited 2/15/2005 URL: rigzone.com; It's not that there isn't enough oil in the world. It's that it may not be developed in time to halt rising crude prices, a Cambridge Energy Research Associates director said Tuesday. Speaking in Houston at an energy industry conference, CERA's Peter Jackson said it would be some time before the world runs out of commercially viable reserves. Earlier Tuesday, ChevronTexaco Chairman and CEO David O'Reilly said he expects hydrocarbons to contribute to energy supplies through the midpoint of the century. "Setting aside above-ground political and security issues, world oil production capacity through 2010 points toward continued growth in both non-OPEC and OPEC liquid-production capacity," Jackson said. The research firm predicted total liquids capacity would rise nearly 20 percent to 101.5 million barrels a day. CERA said most of the increase would come from projects in the deepwater offshore Brazil, Nigeria, Angola and the Gulf of Mexico. The Caspian region and the Canadian oil sands are also expected to make significant contributions. "To be sure, there are risks to supply growth," Jackson said. Those include higher field decline rates and delays to major projects. "Perhaps the most unpredictable and sensitive factor is evaluating the impact of political events on productive capacity as illustrated currently in Iraq, Venezuela, Nigeria and Russia," he said. However, CERA has factored in many of the wildcards to its outlook.