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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Bobby Yellin who wrote (5273)	1/5/1998 7:09:00 PM
From: Larry Haraksin	Read Replies (2) \| Respond to of 116824

Bobby, You questioned if oil companies are spending more on exploration and development. They see the crisis coming but where should they invest their money? ARCO owns 7.99% of Russia's LUKOIL. Russia has just lifted investment restrictions on foreigners. ARCO has decided NOT to invest another penny into the company that they have not already promised. The hopes of the majors was that if there was instability in the Middle East that the oil could be had from Russia. The plan was to build pipelines to the Black Sea. Once there, oil tankers could transport it anywhere using the Meditteranean and/or Suez Canal. As of today, the billions of barrels have still to come online. In fact, they are now producing less than they were just a few years ago. In other words, companies which have proven reserves outside Russia and Middle East will increase the most when the next oil shock arrives. Larry Haraksin