Why oil will hit $100 a barrel
The era of easy oil is over, but growing demand from countries like India and China is forcing oil firms to enter unusual territory.
Mike Watts is a man of deep convictions. For years he was convinced that there was oil in large quantities deep beneath the sand of the Rajastan desert in Western India.
Few other people in the industry agreed with him.
Mike's company - Cairn Energy - was in partnership with the Anglo-Dutch giant Shell to explore the area.
Eventually, after some discouraging early forays, Cairn paid Shell £7m to buy Shell out of the project.
Then, just over two years ago, it struck oil in a big way.
The find was big enough to propel Cairn from a small exploration business to a company with a value of nearly £3bn.
( For complete story, Click here )
Mike Watts is a man of deep convictions. For years he was convinced that there was oil in large quantities deep beneath the sand of the Rajastan desert in Western India.
Few other people in the industry agreed with him.
Mike's company - Cairn Energy - was in partnership with the Anglo-Dutch giant Shell to explore the area.
Eventually, after some discouraging early forays, Cairn paid Shell £7m to buy Shell out of the project.
Then, just over two years ago, it struck oil in a big way.
The find was big enough to propel Cairn from a small exploration business to a company with a value of nearly £3bn.
( For complete story, Click here )
posted by Oil Shock at 12:09 AM
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