Finally, in reference to the table below of world energy reserves, note that the Caspian Sea region is included in the Former Soviet Union, amounting to less than one tenth of Middle East reserves. In fact, added together, the rest of the world only contains 364.5 thousand million barrels in proven reserves, or 53 percent of the proven reserves of the Middle East.
Source: BP Statistical Review of World Energy 2002; <http://www.bp.com/centres/energy2002/index.asp>
<http://www.fromthewilderness.com/free/ww3/071102_pipelineistan_map.gif> <http://www.fromthewilderness.com/free/ww3/071102_pipelineistan_map.gif> Click on image to enlargeMore Evidence of Oil Company Downsizing
Also from the June APSO newsletter, we find more evidence of oil company downsizing. The newsletter cites World Oil articles stating first that British Petroleum has decided to completely curtail political contributions in the U.S. BP spent $834,000 in such contributions in 2001. The APSO observes that this decision says more about reduced activity than anything else. [Ed. Note: Although it may say something about BPÕs grand jury exposure for bribery allegations in the U.S. and its 2000 campaign donations to Attorney General John Ashcroft. -- MCR] Likewise, BP is replacing staff with consultants. The aim is to downsize the staff of various drilling operations by between 30 percent and 40 percent. This does not speak well for future drilling activity. (See source 20)
The Perfect Energy Storm
Finally, from a presentation at the June 21 Energen Corporation Board Retreat, Matthew R. Simmons, president of Simmons & Company International (an investment banker for the energy industry) spoke about a looming natural gas crisis.
Toward the end of his presentation, Simmons listed the following ingredients for a perfect energy storm:
Third quarter of 2002 sees the arrival of a material supply drop
A hot, muggy summer turns on a record level of gas turbines (100,000 MW+)
One hurricane roams through the Gulf of Mexico Suddenly, the gas storage cushion is gone.
"We might be passing through the eye of a hurricane," Simmons warned.
(See source 21)
Sources
1) <http://www.eia.doe.gov/cabs/caspian.html>
2) <http://www.gasandoil.com/goc/news/ntc20665.htm>
3) <http://www.eia.doe.gov/cabs/caspian.html>
4) <http://www.gasandoil.com/goc/features/fex20867.htm>
5) <http://www.gasandoil.com/goc/news/nts22628.htm>
6) <http://www.gasandoil.com/goc/features/fex20867.htm>
7) <http://www.gasandoil.com/goc/news/ntr20811.htm>
8) <http://www.gasandoil.com/goc/news/ntc22240.htm>
9) <http://www.gasandoil.com/goc/news/nts22408.htm>
10) <http://www.gasandoil.com/goc/news/nts22268.htm>
11) <http://www.gasandoil.com/goc/news/nts22404.htm>
12) <http://www.gasandoil.com/goc/company/cns22416.htm>
13) <http://www.gasandoil.com/goc/features/fex20867.htm>
14) <http://www.gasandoil.com/goc/news/nts22404.htm>
15) <http://www.gasandoil.com/goc/features/fex20867.htm>
16) <http://www.gasandoil.com/goc/news/nts22628.htm>
17) <http://www.gasandoil.com/goc/company/cnr22210.htm>
18) <http://www.gasandoil.com/goc/news/nts22628.htm>
19) <http://www.isv.uu.se/iwood2002/Newsletter/Newsletter.html>
20) <http://www.isv.uu.se/iwood2002/Newsletter/Newsletter.html>
21) <http://www.simmonsco-intl.com/domino/html/research.nsf/DocId/B5EB40172B26ABE586256BEA00673746/$File/energenprinter.pdf>
B5EB40172B26ABE586256BEA00673746/$File/energenprinter.pdf <http://www.simmonsco-intl.com/domino/html/research.nsf/DocId/B5EB40172B26ABE586256BEA00673746/$File/energenprinter.pdf>
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