<strong>PETER HUTTON </strong> NCB<br />"De Margerie has consistently highlighted the need for continued investment to meet demand. In fact, we need a new Saudi Arabia every two to three years. Total claim $60-70 oil is insufficient for new projects eg oilsands, so this is effectively a hint for higher oil or lower project costs."<br /><strong><br />MALCOLM GRAHAM-WOOD </strong> HANSON WESTHOUSE<br />"As ever, de Margerie makes interesting points regarding long term investment in oil, however state backing is unlikely in the west and as a result he is going to be disappointed. He is however right that the oil price will inevitably rise and investors now will be duly rewarded."<br /><strong><br />CRAIG HOWIE </strong> ASTAIRE SECURITIES<br />"Although international E&P spend has remained quite resilient compared to North America, continued investment is undoubtedly needed to combat reservoir depletion worldwide. Achieving year-on-year production growth has become a real problem for the majors."