It's a long known problem for the IOCs that they are locked out of access to most of the worlds reserves. That the IOCs are currently responsible for a much higher portion of the worlds production than it's reserves is a real worry for them, and for energy security.
One of the reasons why the IOCs are rushing for gas, as there is still some of it accessible to them, but with gas too they are largely shut out, or only allowed in on very restrictive terms. Russia, Qatar, Iran offer them little. This is why Australian gas, and North American gas are becoming increasingly important to them.
EL
AOE Price at posting:
$5.29 Sentiment: LT Buy Disclosure: Held
