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

To: Sailing2 who wrote (124423)	9/23/2009 9:23:09 PM
From: Glenn Petersen	Respond to of 206181

I did notice that. It would have been nice if the article had quantified how much of the gap is filled by higher reserve estimates. Instead, companies have managed to expand production by finding new ways of getting more oil out of existing fields, or producing oil through unconventional sources, like Canada’s tar sands or heavy oil in Venezuela. Reserve estimates typically rise over the life of a field, which can often be productive for decades, as companies find new ways of getting more oil out of the ground.

To: Sailing2 who wrote (124423)	9/24/2009 10:32:02 AM
From: Ed Ajootian	3 Recommendations Respond to of 206181

World Watch -- Comment & Interpretation on Today's News The oil industry is spending more and enjoying it less, so says a comprehensive study released Wednesday by IHS Herold and Harrison Lovegrove. Their new 2009 Global Upstream Review shows oil reserves for a large sample of oil and gas companies sliding by 4.4 billion bbl in 2008 despite a more than 20% rise in upstream spending to $492 billion. Part of the drop is the result of the lower year-end prices used to value reserves especially in the US, Canada and Russia. But increasing decline rates in large old fields and the generally decreasing size of new finds are also in play. The industry also get less bang for its upstream buck especially in the first half of the year when costs were on fire. South America was the hot spot with spending up 34%, while Russian-Caspian spending dropped and Europe and North America saw steep reserve declines. David Knapp, New York ********************************************************* Another data point corroborating the thought that the end of easy cheap oil is nigh.