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[QUOTE]Originally posted by The Owl: [QB] Struggling to Keep Above Water Despite Royal Dutch Shell's record annual net profit of $23 billion, the highest ever for a listed British firm, the company was only able to replace roughly 75% of the oil it produced with new reserves last year. In 2004 the replacement rate was even lower...under 50%. ExxonMobil also broke corporate records in 2005. The company enjoyed the largest annual net profit of any American company ever last year, a mouth-watering $36 billion. Nonetheless, according to the formula set by the SEC, Exxon only managed to replace 83% of the oil it pumped with new reserves. Replacing previously produced crude with new reserves is the no doubt the most significant problem facing the world's petro-monsters. Crude production from fields in the North Sea, the Gulf of Mexico and Alaska, which the big Western oil and gas companies have depended on since the 70s, are in rapid decline. And new discoveries are anemic at best. As a result, these companies have had to scour each of the four corners of earth for new reserves, often coming up short. As we know, the majority of the world's remaining oil supply is located in the Middle East. While these fields are officially stated as containing hundreds of billions of barrels of crude, western firms are essentially banned from exploration and development there due to restrictions set by state-run energy companies. So instead western oil and gas companies have been forced to explore other far-off places like West Africa and the Caspian Sea. Not surprisingly however, this has proved to be a much bigger headache than exploiting the reserves that were closer to home. [/QB][/QUOTE]
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