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

To: Eric who wrote (136087)	6/24/2010 11:36:23 AM
From: CommanderCricket	1 Recommendation Read Replies (1) \| Respond to of 206326

Eric, There are very few countries in left in the world with "cheap" bbls in the ground. For instance, look at Iraq. The majors didn't get um and the government is planning to pay $2 - $3 bbl for the right of a major to develop the resource. This is nothing more than a cost plus contract allowing the majors to manage Iraq oil supplies. Who needs BP when SLB/HAL could do it too.... Iraq is not the exception either. Most countries in the world get at least half of any production produced by way of royalties, income taxes, joint ventures with government etc. The days of paying $1 bbl to the government and walking away with the rest are over. Where is BP, XOM, and the rest going to replace their cheap legacy reserves? There is a reason XOM is trading near multi year lows.