Oil exploration and production

Article Abstract:

Stocks in petroleum exploration and production companies tend to be risky investments, and they have been hit by a drop in the price of crude petroleum. Oversupply has been exacerbated by the Far East economic crisis, and El Nino has led to mild weather, both factors depressing demand. Investors should be careful due to the impact of low crude prices on smaller, firms, but there are still investment opportunities due to stock price falls, and the longer term prospects for the sector are encouraging.

Industry Overview

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New factors in the oil equation

Article Abstract:

Petroleum prices have been volatile and rose at the end of 1995 due to cold weather and problems with production. Production problems include a strike in Brazil, hurricane damage in the Gulf of Mexico, and political problems in Nigeria. The Organization of Petroleum Exporting Countries (Opec) accounts for a decreasing proportion of production world wide, and this is linked to its success in raising prices. Price rise in the 1970s stimulated exploration so boosted production elsewhere.

Oil fields

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Oil: the guessing game

Article Abstract:

Petroleum price forecasts are difficult to make for the longer term. Prices rose by more than expected in 1996, with world demand also higher than forecast and growth in supplies from sources outside the Organization of Petroleum Exporters lower than expected. Prices initially rose at the start of 1997, only to fall with milder weather. Merrill Lynch forecasts falls rather than rises in 1997 and notes the development of large inventories.

Energy industries, Energy industry

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