oil...wot oil?

February 28, 2006

24T200815Z_01_N24160076_RTRUKOC_0_US-ENERGY-RESERVES-REPLACEMENT.xml

>NEW YORK (Reuters) - Big U.S. oil and gas companies added more oil reserves in

2005 by using their checkbooks instead of their drill bits, and paid top dollar

for the privilege, analysts said on Friday.

So far, it appears the major companies that replaced more than 100 percent of

their production last year did so by buying fields rather than finding them -- a

trend that could quietly usher in shrinking global reserves.â€

Part of the reason (companies are having trouble adding real reserves) is that

there has not been an elephant discovery -- one over a billion barrels -- for 15

years, " said Gheit.<

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