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Oil reinvestment rate drops
- Sunday, August 21 - 2005 at 07:40
Oil majors are returning profits made on record high oil prices to shareholders by way of dividends and share buybacks, while the rate at which they reinvest in in R&D is falling, according to a report by investment bank Goldman Sachs. Industry experts say that as the world's oil resources dwindle, new drilling opportunities are located in regions that are difficult to access, physically or politically, and profitable finds require more effort and money.
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James McInerney, News EditorSunday, August 21 - 2005 at 07:40 UAE local time (GMT+4)
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