US independents pace strong reserve replacement rate

Independent US oil and gas companies replaced a robust 256% of total oil and gas production in 1999-the highest reserve replacement figure recorded in the past 5 years-compared with 113% by major oil companies, says Salomon Smith Barney Inc.Analysts Robert Morris and Michael Schmitz say acquisitions represented 115% of the independent group's reserve replacement results; successful drilling, 113%; and reserve revisions, 27%.Major oil and gas companies replaced only 113% of production last year, well below their 5-year average of 143%, the analysts say. Acquisitions represented 14% of the majors' replacements; drilling, 58%; and reserve revisions, 41%.Gas statusSupporting the bulli...

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