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

To: Platter who wrote (37305)	2/11/1999 10:15:00 AM
From: JungleInvestor	Respond to of 95453

Huge capex cuts are the norm for 1999, and a good question is how soon can we expect this to significantly reduce the supply of oil. For example, if there is an average 10% depletion rate, this means that the supply would be hypothetically reduced 10% in a year with zero development of new wells to replace the depleted wells. Zero development of course will not happen, but could someone in the industry hazard a guesstimate on the average percent depletion rate and the percent supply reduction this year due to the capex cuts.