Large Energy Firms Are Finding It Difficult To Replace Produced Oil

The Guardian

ChevronTexaco buys rival for $18bn

Deal expected to usher in fresh wave of energy mergers

David Teather in New York
Tuesday April 5, 2005

…yadda-yadda about buying Unocal, who cares…

Oil prices have been reaching record highs as instability in Iraq, Nigeria and Russia, some of the world’s biggest producers, has sparked fears of possible supply shortages in the summer.

…

Many of the large energy firms are finding it difficult to replace the oil and gas they pump each year with new supplies. Last year ChevronTexaco found reserves to replace only 18% of the oil and gas it produced. Output has declined for the past three years.
…blather-blather…

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