Industry skeptical about high oil prices persisting

Despite higher revenues generated by higher oil prices, 1998's low-price environment and the severe impact of the East Asian economic crisis have left many oil industry players leery of launching new upstream projects, said delegates at the Asian Oil & Gas Conference in Kuala Lumpur last week.Recent oil prices have been in a very healthy range, yet there is not enough comfort in translating the resulting revenue into upstream development, said Mark Moody-Stuart, chairman of Royal Dutch/Shell.Delegates attending the 2-day conference said they feel prices are "temporarily high," and any significant drop could result in projects being abandoned and delayed.Lower prices forecastOne analys...

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