On Mon, 8 Mar 2004, Richard Risemberg wrote:
> From the New York Times, exposé of Shell Oil's coverup of reserve
> overestimations...all too interesting.
Now, there's an understatement ;-)
> Quick quote:
> > "Our reserves replacement performance over the past few years
> > clearly illustrates the emerging problems with our resource base
> > and is becoming a source of competitive disadvantage," the
> > memorandum said.
Well... unless it turns out that the competition has the same problem.
For years, we've been hearing that the "proven reserves" numbers
provided by European- and U.S.-domiciled companies could be treated
much more seriously than those of certain other players (e.g. some
OPEC members) which have been widely considered to be mere fantasy.
More and more, it appears that a fair amount of wishful accounting has
been going on in the "civilized" world, also.
I'll be amazed if only one of the majors has been padding the
That drop-off is getting closer, and looking steeper, all the time.
"Anybody who thinks we're going to be using cars twenty-five
years from now the way we've been accustomed to using them
in the recent past ought to have his head examined. That
phase of our national history is over..."
-James Howard Kunstler
Home From Nowhere
Post Office Box 307
Corte Madera, CA 94976 USA