There’s an article in the WSJ today titled “Big Oil’s Not-So-Big Growth Plans” which indicates that Western Oil companies are struggling to to reach new Oil reserves and could be potentially posturing for a smaller role as future energy players. This might explain why one Big Oil company, Chevron is jumping into the 700MHz auction. Here are the bidders (see page 3)Â
Here’s a couple of snippets from the article…
“None of these companies are interested in shrinking, but that is effectively what they are doing,” says Charles Swanson, managing partner in the Houston office of accounting firm Ernst & Young”
“They simply don’t have enough lucrative opportunities to invest says Faith Birol, chief economist of the Paris-based International Energy Agency”
Interesting.
