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

To: Tomas who wrote (30632)	10/12/1998 11:32:00 AM
From: Aggie	Respond to of 95453

Tomas, hello. Well....it just goes to show, that Shell's management is still obsessed with claiming a leadership position, notwithstanding the facts. As for the Asian crisis: well, I'm still working in Jakarta and things are still on a downward spiral, on a social level. BUT - although there are a few rigs stacked in Singapore, things are surprisingly active in the oil services sector - lots of stimulation work going on, and a surprising amount of drilling activity, given the economic picture. My informal polling of industry shows that there are no layoffs of staff yet, although things have loosened up with the consultants. So be careful of the doom and gloom. Things, while they are not at their best, are also not as bad as they are being portrayed. I suspect that this downturn will extend well into 1999, as most oil company's fiscal machinery is typically slow to react to fundamental changes in the oil economic picture. I believe we have a ways to go before we bottom out on OSX stock prices. Oct-Nov will be bloody months, in my opinion, so I'm stacking cash. I commented a few days ago on the $160,000 day rate that RIG just secured for 190 days. While this is a downward adjustment, there is still plenty of profit margin there - and when stacked alongside the general industry picture, I think it is actually a bit positive. Remember 1987-88, when drillers were so desperate to keep rigs running that they bid them at substantial losses? I say again: Things are not as bad as they are being broadcast, industry consolidation is, in the long term, a fact of life, and we are in much better shape right now than in '86. Best of luck to all. Aggie How 'bout them Aggies? Whoop!

To: Tomas who wrote (30632)	10/12/1998 9:49:00 PM
From: Tomas	Respond to of 95453

Russia may import oil next year (Russian net oil exports were 3.5 million barrels per day in 1997!) October 12, 1998 Itar - Tass via NewsEdge Corporation It is quite possible that next year Russia will have to import oil, president of the Yukos oil company Mikhail Khodorkovsky told commercial the NTV television on Thursday. According to Khadorkovsky, oil output will be significantly reduced in 1999, and "oil will probably have to be imported." This year oil companies "lost 10 million tonnes of oil output," he continued. "In August alone the oil companies lost half a million of tonnes of oil, because the government decided to disconnect them from the export pipeline. This amount of oil would be enough for EES Rossii to heat our flats for a month," Khodorkovsky said. ... ... ... newspage.com