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Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (2719)	10/20/2005 7:35:06 AM
From: Wharf Rat	Read Replies (1) \| Respond to of 24230

See also the latest item on the ODAC website: World's Largest Oil Companies Struggling to Hold Production Levels "Quite remarkably, in the first half of 2005 the top five, the top ten and the top 22 publicly quoted oil companies all produced less crude and NGLs [Natural Gas Liquids] than they did in 2004," according to a report published in the October issue of Petroleum Review. Compared with 2003, ten companies produced less in the first half of this year. Nine companies produced less than in 2002. "Clearly, it is no exaggeration to say that the world's largest oil companies are now really struggling to hold production levels," the report says. Meanwhile, a recent study by energy consultants Wood Mackenzie shows that only a quarter of the 28 leading oil companies active in international exploration have fully replaced their production through new field discoveries. The group of companies studied represents more than 30 percent of total world oil supply. "Not only is exploration more expensive now, but it has become more difficult to achieve success, as the more accessible fields have been discovered," the study author Andrew Latham said, noting that the industry has not discovered any new "world-class" fields since 2000. theoildrum.com and a follow-up comment... steverino on Thu Oct 20 at 12:07 AM EDT \| Comments top in a related area, the wall street journal, in a front page article on october 17, reports the following about natural gas supply: " the u.s. normally imports about 3% of it's gas supply on tankers. but in the past few months, several large new plants in egypt, qatar, and austrailia that liquify natural gas have experienced problems. this has cut supplies and dried up the spot market. LNG imports to the u.s. tumbled 27% in august verses a year earlier, according to the dept. of energy. "we're on our own," says craig pirrong, a university of houston energy expert.." has anyone out there seen this info before?..it was a surprise to me. in view of reduced production in the gulf, will this lost import capability place us in worse shape than we think??