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Exploration flat: majors need prospect of big discoveries: a good argument can be made that the industry worldwide isn't working as hard as it could to find new oil.
Alaska Business Monthly
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December 1, 2004|
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COPYRIGHT 2004 Alaska Business Publishing Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group.
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Where are all the drill rigs? Still stacked, that's where.
Despite the spike in oil prices, the rigs are mostly still in their storage yards.
Given all the cash rolling into the industry from high prices-and the current extreme tightness of worldwide oil supply-you'd think the explorers would be busy.
Alaska, however, will see only a modest amount of oil and gas exploration this winter, about the same as in previous years.
It's frustrating for Alaskans because they see the big North Slope oil fields declining in production, no significant ...
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