Word: exxon
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...hasn't done so yet. In January this year, Chevron said it had not found enough oil to make a well economically viable at the first of its two drill sites off São Tomé. Exxon Mobil, too, has said that it will not, for now, be pursuing exploration off the island, though it retains its drilling rights there. Praxeres, however, still dreams his dreams, and his little country continues to attract a stream of oil-fevered visitors from overseas: this year alone, officials have arrived from the U.S., the U.K., Germany and Japan. But even...
Praxeres and his compatriots will have to wait a while. Though Chevron and Exxon Mobil may have lost some of their earlier excitement over São Tomé, seismologists are convinced the oil is there - up to 11 billion barrels, according to Exxon Mobil's survey in 2000. But as yet, it's not clear how accessible those reserves might be. That gives São Tomé's people time to think and dream - but to do so with a caution that not all Africans have shown when the drillers come to town. In Club Tropicana, Salvaterra ponders...
...January 1981, as gasoline prices set all-time highs in the wake of the Iran-Iraq war, oil giant Exxon announced that it would pour $11 billion into capital investment and exploration over the course of the year. That was a 35% increase over 1980 and a tripling of the budget from 1973, the year when the Arab oil embargo first sent prices skyrocketing. "The $11 billion is almost three times the profit we made in 1979," a company vice president told a reporter...
...probably know what happened next: conservation and a global recession--and the gusher of new oil produced by all that capital spending by Exxon and its brethren--sent prices plummeting...
Medvedev now says publicly that Gazprom is also targeting the $12.8 billion Sakhalin I project, operated by an Exxon-led consortium. It fits perfectly with Russia's strategy to get more control of its energy assets. Exxon hasn't capitulated by any means, but it still might learn what Belarus and SE did: Gazprom always wins...