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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Big Dog who wrote (26061)7/20/1998 6:47:00 PM
From: Broken_Clock  Read Replies (1) | Respond to of 95453
 
Doggy Dude...I think that it will take a while for the current production that is "on line" to deplete a bit before a little drilling panic takes hold.

Interesting concept on the deepwater observation that youmade. They are "expecting" to find mucho oil deep offshore. If they start hitting dry holes then wouldn't that pressure shallow rates upward where the fields are fairly well established?

Question: If oil consumption stays flat or rises slightly, how many offshore rigs are needed to maintain the status quo(reserves stay at same capacity as today?) with a 95% rig utilization rate?



To: Big Dog who wrote (26061)7/20/1998 6:51:00 PM
From: upanddown  Respond to of 95453
 
Big,

One thing you mentioned in a previous post, about the need for some success in the GOM deepwater, didn't get much reaction but I also think it is very important. A bunch of expensive dry holes early on could make Big Oil start to look elsewhere. Might be a topic to tackle in a future issue, scope of deepwater activity, results to date (if any), etc. Thanks for all the hard work on the newsletter. Very appreciated here.

John


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