OIL INDUSTRY MEETING THE CHALLENGE

This Special Report is based on remarks by CERA Vice President and Managing Director of Global Research David Hobbs at CERAWeek 2007 discussing whether the global oil and gas industry will meet the challenges it faces. Doubts have been raised about this ability as a result of reports of project delays and cost overruns. CERA is confident that there are solutions in process, including

*a 50 percent increase in real investment in oil and gas productive capacity (total capital investment corrected for the increase in IHS/CERA Upstream Capital Costs Index)

*the engagement of the innovation community in providing investment to help secure future energy supplies

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CERA Reports Online, a wholly owned subsidiary of IHS Energy, is a leading advisor to international energy companies, governments, financial institutions, and technology providers. CERA delivers critical knowledge and independent analysis on energy markets, geopolitics, industry trends, and strategy. CERA's expertise covers all major energy sectors--oil and refined products, natural gas, and electric power--on a global and regional basis.