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

To: yoohoobebe who wrote (121820)	9/5/2009 7:33:10 AM
From: elmatador	Respond to of 206151

exploration in the North Sea dropped 57pc in the first half of this year. ... Last year, we had the credit crunch, next year we are looking at an energy crunch," said Mr Webb, whose organisation represents 85 oil and gas companies. "I'm still very concerned about the lack of investment." In the worst case, the North Sea could provide just 500,000 barrels of oil equivalent per day by 2012 – or just 12pc of the UK's energy demand. If investment is maintained, domestic production could still meet 40pc of Britain's needs. Oil producers believe it is still possible to extract 37bn barrels from the North Sea. However, declining investment means as little as 11bn barrels may be recovered before fields are decommissioned. telegraph.co.uk One comment say: "...The 57pc drop in North Sea energy development in the first half of this year can be directly attributed to the greed of the Government and British Banks. There is no incentive to invest in the UK because the Government has made it clear that the UK banks will no longer be lending to the North Sea energy companies. The Government was supposed to looking for European banks to step in and take up the slack after the UK banks withdrew their loans." other comment say: "The UK has always needed a national oil company especially now to maintain investment in exploration and production and to support UK R&D companies. Many NOC's are maintaining investment (Petrobras, Pemex..)in this downturn, UK should be doing the same." and another one: "Of course 'cash for exploration' is drying up! It has been for years syphoned off from the [very!] gross profits to pay out as directors' bonuses and shareholders' dividends! Such as has been the short-term gain ethos in recent years; "pay profits now." Why else are petroleum producers even looking elsewhere for investment in exploration?"