Oil groups suffer Gulf of Mexico setback

[phantom power]

Disappointing oil exploration results in the Gulf of Mexico are upsetting the hopes of US oil majors for big new findings in an area free from interference by foreign, state-owned oil companies.

Wood MacKenzie, the energy consultancy, said in a new report that findings in the Gulf in 2007 were the lowest of the past decade. With a total of 553m barrels of oil equivalent, these new reserves were less than half of what was found in 2006.

http://www.ft.com/cms/s/22b38f56-ee13-11dc-a5c1-0000779fd2ac,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F22b38f56-ee13-11dc-a5c1-0000779fd2ac.html%3Fnclick_check%3D1&_i_referer=&nclick_check=1

[Javaman]

1. Whooops!!! nt

[Altean Wanderer]

2. This confirms what many peak oil analysts have been saying for years now n/t