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Originally Posted by cambaby
ABOUT ODAC
The Oil Depletion Analysis Centre (ODAC) is an independent, UK-registered educational charity working to raise international public awareness and promote better understanding of the world's oil-depletion problem.
Yeah right real unbiased lol.
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Fine, ignore that quote... what about the 2 from BP and Shell? You think they like telling people they might be out of business soon? Exploration is becomming more and more costly. Some companies are spending more money on finding the oil than they get selling it. The Capsian Sea in the 90s was supposed to be the next big thing that would save us all... it never panned out. It's about the same as the North Sea reserves which is like 4% of world reserves. Yet this is the biggest discovery in years.
How about this article in the New York Times:
Top oil groups fail to recoup exploration costs
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The world's biggest oil companies are failing to get value for money when they explore for new reserves, according to research by Wood Mackenzie, the energy consultant.
The report shows the commercial value of oil and gas discovered over the past three years by the 10 largest listed energy groups is running well below the amount they have spent on exploration.
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