The Oil Drum | Exxon, and the Implications of 8%

140 comments on Exxon, and the Implications of 8%

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obdacher on November 17, 2005 - 5:59am

20 Dollar Oil

All oil executives are talking down the future oil price in public. Even our local one, Mr Ruttensdorfer from OMV. The reason is simple. They want to be left alone. No windfall tax, no post peak planning, no substitution projects, no hassle with -god beware- forced consumption restriction (driving on alternate days, etc).
Buisness as usual keeps the American dream alive.
It is psychologic: A popular saying in the german wehrmacht 1944 was: Comrades, enjoy war, peace will be terrible.

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Free on November 17, 2005 - 7:41pm

As a fellow Austrian (and I thought I was the only one who is PO aware...), I know exactly what you mean. I have been repeatedly enraged by Ruttensdorfers claims of plentiful and cheap oil in a not so distant future.

But actually there is a possibility that he genuinely believes this, as OMV has a very interesting record of offsetting decline. They have very few and small fields but alledgedly manage to squeeze them to the last drop, at least if one can trust an article published in the German magazine "Der Spiegel" not so long ago. (They also raved about new technologies such as a new kind of 3D-seismographic)

"Der Spiegel" also hinted that this record of managing to keep up a plateau could give hope to the rest of the industry. However, what they totally forget in my opinion, is that the OMV-operations can't be compared to the majors neither in scale nor in quality.

So Ruttensdorfer might really think all is rosy, at least if he is dumb enough not to look beyond his own company...

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140 comments on Exxon, and the Implications of 8%

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