E&P activity

Despite the recent record gas and oil prices, it is remarkable that E&P activity remains stuck at a relatively low level. It seems that the Industry does not believe that these price levels are here to stay. Yet two market fundamentals are providing support for these higher prices.One factor has received widespread coverage. The OPEC nations now have little spare production capacity to cope with rising demand. Countries that were once renowned as quota busters are struggling to reach the production levels that they enjoyed 2 years ago.The second driver is more subtle. The relatively low oil prices throughout the 1990s led to the unusual situation that it was cheaper for oil companies to b...

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