Replies to post #1804 on The Rising Influence of Rising Affluence

[OilStockReport]

Thanks for the nice map! BHP is posed for a significant move next year IMO.

Despite the mixed announcements from the industry, surveys from industry consultants indicate healthy spending relative to the decline seen in 2009. Wood Mackenzie estimates that global upstream capital spending in 2010 will reach approximately $380 billion.

This represents a $19 billion increase over the level of spending in 2009, but it's still 10% below peak levels seen in 2008. Wood Mackenzie is optimistic on the trend of upstream capital spending and estimates that peak levels should be reached by 2012 or 2013. Spending in the United States will recover sooner and may hit 2008 levels by next year, according to Wood Mackenzie.

[DewDiligence]

Regulators clear drilling resumption at GoM Shenzi field:

http://finance.yahoo.com/news/US-clears-more-deepwater-oil-apf-1644611204.html

This is the second GoM deepwater permit to be issued since the end of the moratorium.

Shenzi, which went into production in Mar 2009, was producing 120K boe/d when drilling was halted following the Deepwater Horizon accident. (This is a counter-example to the false assertions in the mainstream media that only exploratory and not production wells were halted during the moratorium.)

The ownership of Shenzi is: operator BHP 44% (53K boe/d net); HES 28% (34K boe/d net); and Repsol 28%.