VOL. XL

No. 31

4-August-1997

UPSTREAM

Reserve Replacement Costs Declined Moderately In 1996, Says Herold's Report

Worldwide 1996 oil reserve replacement costs (RRCs) declined moderately to $4.23/Bcompared to $4.46/B in 1995, according to John S. Herold's 30th AnnualReserve Replacement Cost Analysis Report. The survey, which focuses on the 1996results of 125 public oil and gas companies, found that reserve replacement rates werequite healthy last year, with the Herold 125 replacing 170% of 1996...