longoil

Is Exxon Betting on $100 Oil?

>>>Of course, the bigger the numbers the greater the chance that Ghana will renege on the current deal.<<<

Jeep,

I would not put Ghana in the same category as corrupt (or more corrupt) African nations. Ghana is a relatively a safe and secure African country to do business in. Ghana is a relatively non-corrupt country compared to its African neighbors and many other nations around the world.

Check the Corruption Perception Index:
en.wikipedia.org/wiki/...

USA is #18
Ghana is #69
Nigeria is #121

I think Exxon is a smart company for chosing to do business there and they will have an easier time in Ghana than Shell is having in Nigeria right now.

Is Exxon Betting on $100 Oil?

According to a Oct 6th CNN article, T. Boone Pickens predicts $100 oil next year, if a global economic recovery occurs.

If the US does not implement an energy independence plan within the next ten years, he sees oil going to $300.

money.cnn.com/2009/10/...

Is Exxon Betting on $100 Oil?

Every major oil company in the world is betting on $100+ oil.

The deep sea fields of the coast of Brazil, only become profitable when oil is $90+.

Every major player (XOM, CVX, TOT, Shell, BP) has a stake in the Canadian oil sands and you need $50 to $70 oil to make a profit there.

Most of the easy to lift oil (i.e. sweet and light) is gone. We are stuck with heavy sour oil, oil sands, deep sea oil and GTL.