Oil and Energy November 2013 - page 11

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™™™Ǥ„‡•–’”ƒ –‹ ‡•‰”‘—’‹ Ǥ ‘ȀƤ”‡†”‹ŽŽ
‘—Ž† ›‘—” „—•‹‡•• •—”˜‹˜‡ ™‹–Š‘—– ›‘—ǫ Š‘ ƒ ›‘— –”—•– –‘ ‡‡’ ‘’‡”ƒ–‹‘• ‰‘‹‰ǫ Š‘
‘™• ›‘—” ‘’—–‡” ’ƒ••™‘”†•ǫ Š‡ ›‘—” „ƒ‡” ƒŽŽ•ǡ ™Š‘ •Š‘—Ž† ƒ•™‡”ǫ • –Š‡”‡ •‘‡„‘†›
‡Ž•‡ ™Š‘ ƒ •‹‰ ’ƒ›”‘ŽŽ Š‡ •ǫ Š‘ ƒ †‡ƒŽ ™‹–Š ™Š‘Ž‡•ƒŽ‡ •—’’Ž‹‡”•ǫ Š‘ ™‹ŽŽ –ƒ‡ ƒ”‡ ‘ˆ
›‘—” ˆƒ‹Ž›ǯ• ‡‡†•ǫ
Ž‡•• ›‘— Šƒ˜‡ ƒ•™‡”• ˆ‘” –Š‡•‡ ƒ† †‘œ‡• ‘ˆ ‘–Š‡” “—‡•–‹‘•ǡ ›‘— ƒǯ–
„‡ ƒ••—”‡† –Šƒ– ›‘—” „—•‹‡•• ™‹ŽŽ ‘–‹—‡ ‹ ›‘—” ƒ„•‡ ‡Ǥ Šƒ–ǯ• ™Š›
›‘— ‡‡† ƒ ‹”‡ ”‹ŽŽ ˆ”‘ –Š‡ ‡•– ”ƒ –‹ ‡• ”‘—’Ǥ
‹”‡ ”‹ŽŽ ‹•ƒ ‘’”‡Š‡•‹˜‡•–”ƒ–‡‰‹ ’Žƒ –‘„‡ ‹’Ž‡‡–‡† ‹‡‡”‰‡ ›
•‹–—ƒ–‹‘•Ǥ —” ‘‹ŽŠ‡ƒ– ƒ† ’”‘’ƒ‡ ‹†—•–”› ‡š’‡”–• ™‹ŽŽ •’‡† –‹‡ ™‹–Š
›‘— –‘ ”‡ƒ–‡ ƒ ’Žƒ –Šƒ– ‘˜‡”• ƒ ”‡•’‘•‡ ƒ† ƒ –‹‘ ˆ‘” ‡˜‡”› ’‘••‹„‹Ž‹–›Ǥ
‘—” ˆƒ‹Ž› ƒ† •–ƒơ ™‹ŽŽ ‘™ ‡šƒ –Ž› ™Šƒ– –‘ †‘ǡ ™Š‡ –‘ †‘ ‹–ǡ ƒ† ™Š‘
™‹ŽŽ „‡ ”‡•’‘•‹„Ž‡Ǥ ˆ –Š‡ —–Š‹ƒ„Ž‡ Šƒ’’‡•ǡ ‘‡ ‘ˆ ‘—” ‡•– ”ƒ –‹ ‡•
”‘—’ ‡š’‡”–• ™‹ŽŽ „‡ ‘Ǧ•‹–‡ ™‹–Š‹ ͣ͞ Š‘—”• –‘ ƒƒ‰‡ –Š‡ ”‡’‘•‡ –‘
Š‡Ž’ ‡•—”‡ –Š‡ ‘–‹—‹–› ‘ˆ ›‘—” „—•‹‡••Ǥ
‘ǯ– ™ƒ‹– —–‹Ž ‹– ‹• –‘‘ Žƒ–‡Ǥ ƒŽŽ –‘†ƒ› –‘ • Š‡†—Ž‡ ›‘—” ‹”‡ ”‹ŽŽǤ ‘ ›‘—
ƒ ‘˜‡ ˆ‘”™ƒ”† ‘™‹‰ ›‘— ƒ”‡ ’”‡’ƒ”‡† ˆ‘” ƒ›–Š‹‰Ǥ