Wednesday, June 22, 2005

When I See An Elephant Fly.

I seen a peanut stand
And heard a rubber band
I seen a needle that winked it's eye
But I been done seen about everything
When I see a elephant fly

I seen a front porch swing
Heard a diamond ring
I seen a polka dot railroad tie
But I been done seen 'bout everything
When I see a elephant fly

I saw a clothes horse he r'ar up and buck
And they tell me that a man made a vegetable truck
I didn't see that, I only heard
But just to be sociable I'll take your word

Lyrics: Dumbo.

For your consideration:
Shell CEO Expects Output to Increase 30% Over Decade. [WSJ - $]


Royal Dutch/Shell Group's chief executive said the company is on track to boost oil and natural-gas production about 30% in the next decade, as a number of big projects already in the works come on line and as Shell bolsters its exploration-and-production business with new finds.

Jeroen van der Veer reiterated the company's earlier projection that Shell expects flat production in the next few years, a problem shared by some other major oil companies.

But in a news conference here yesterday, he said Shell aims to identify and develop as many as 10 large projects that will boost output by 2015. Shell is developing three such projects, with some new production expected as early as this year.

Mr. van der Veer didn't specify how Shell would find all the projects or where they might be. He characterized such projects as requiring multibillion-dollar investments, and said they also could include "downstream" deals, related to businesses such as refining, not just production projects. Such big projects are becoming more common among superlarge oil companies like Shell as they compete with state-owned companies and smaller producers for new hydrocarbon sources.

By 2015, Mr. van der Veer said, he expects Shell to be pumping the equivalent of five million barrels of oil a day, up from about 3.85 million barrels a day in the first quarter of this year. That growth won't kick in for several years, he said, noting that the increases will be "very much back-end loaded," while for the next several years production levels will reflect a "quite horizontal picture." Output will start building by 2008 or 2009, he said.