Subject: Re: 13F : More Chevron
But they did. And the diversification by the non-OPEC O&G industry came back to bite OPEC in the butt.

Not well worded. I should have said the expanded exploration by O&G - not diversification.

I remember Exxon's chief reservoir engineer for the US saying early on that the drill bit would turn out to be the best EOR. He was correct. That first showed up in new discoveries outside of the Middle East. Now it's showing up in spades with horizontal drilling. Of course improved exploration technology, enormously better computing, micro-electronics, better steels, many factors are all involved. But, at the end of the day, you've got to put a hole in the rock to know what's really there. And there has to be incentive to do so.