RESERVE REPLACEMENT COSTS COMPETITIVE IN U.S. AND CANADA

Contrarians take notice, says John S. Herold Inc. The Greenwich, Conn., analyst's study of 1992 results for 128 oil found that U.S. and Canadian reserve replacement costs (RRCS) were among the world's most competitive. The studied firms account for more than 95% of capital spending and reserve additions among all public oil companies. "Apparently the recent draconian cost reduction efforts implemented by the oil industry for the North American upstream sector are paying off," Herold

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