A surprising future


After more than two decades of indecision, high prices have provided the oil industry with the incentive for a major increase in its capital expenditure, most of all in high-risk exploration. That, at least, is the popular theory. The reality is more complicated, with companies questioning the sustainability of high oil prices into 2005, adapting their thinking to comply with new oil and gas reserve accounting requirements, and struggling to discover exploration investments that will provide

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