VOL. XL

Issue No. 23

9-June-1997

OPEC

Oil Companies Are Spending More And Finding Less, Says Morgan Stanley

The oil industry took "a giant step backward" in 1996,following several impressive years on the finding cost, "with a 22% increase inworldwide gross finding costs to $5.65/barrel oil equivalent (boe) for the E&Ps and a16% increase to $5.09/boe for the integrated oils," according to Morgan StanleyInternational Investment Research. The survey, which included 35 E&P companies and 14...