Our industry faces new challenges
I think we must be getting to a point now where price is going to have an effect on demand and that will alleviate the lack of a supply cushion.
To put that right it's going to take several years of very hard work by the oil industry to renew the production cushion. Activity is increasing but it is not yet at its maximum point.
There will be no silver bullet. Rather it will be a combination of technologies.
The industry response to the current lack of an oil supply cushion and the long-term need to increase supplies of natural gas is underway, but is still far from reaching a peak
Initial discussions with customers would indicate that the exploration and production spending environment is likely to remain strong and probably significantly strengthen in 2006
(Producers') plans have already been put in place to achieve this, but it will take several years of sustained activity to develop the new production that can reliably replace today's supply.
There are really no other methods at present that can detect planets of this mass and at this separation.
For a long time, we've worked on detecting planets with whatever was at hand, making use of existing small telescopes or even amateur telescopes. It's time to move on to the next stage.
It tends to indicate these Earth-mass planets are quite common, 10 to 50 times more common than previously believed.
I don't know the time frame exactly, but it's clear they're all going to want to start spending money again.
This will result in wells that will make a substantial improvement in the recovery factor just because they are absolutely in the proper place within the reservoir for the purposes of drainage.