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Politics : Actual left/right wing discussion -- Ignore unavailable to you. Want to Upgrade?

To: Brumar89 who wrote (3889)	10/31/2006 2:51:15 PM
From: Wharf Rat	Read Replies (1) \| Respond to of 10087

"My argument doesn't apply as well to SA as they seem to be doing a lot of drilling, though probably still not as aggressively as the majors would do if they could." I don't think so; they have already leased all the available rigs (Can't find that article right now). Part of the reason why Simmons said Dec. was the peak. RIG SHORTAGE to stunt oil output growth for years Tue Sep 19, 2006 8:36 AM GMT LONDON (Reuters) - A global SHORTAGE of RIGs will hamper attempts to raise global oil and gas output for years, oil service company executives and consultants said on Monday. Message 22826503 Dearth of offshore RIGs pumps up oil prices By Tim Webb Published: 16 July 2006 Oil companies have run out of offshore exploration RIGs for the first time in almost 20 years. Projects are having to be delayed or shelved because of the SHORTAGE of RIGs, while hire costs have soared up to fivefold in two years. Message 22628752 As I said, SA s grabbing all the rigs. This looks similar to the experience in other areas which have peaked, for example West Texas. You start putting in lots more wells, but overall production keeps falling. Average Saudi Arabian daily oil + condensate production, by month, from EIA and JODI, together with Baker-Hughes oil rig count. January 2000-April 2006. Inset graph shows annual oil consumption and exports according to BP (including NGL). Click to enlarge. Source: EIA International Petroleum Monthly Table 1.1a, Baker-Hughes, and BP. Last green point is from press reports. theoildrum.com