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They will hv to decide the price between 50 to 60, because the alternate energy will take the place of crude oil.. and also the US production will increase
if you dont have a position right now u are the real winner u can sell at 100 or buy at 60 which ever way it goes patience will give u a fortune .. you either wait for the right price or u will have to wait for ur floating losses to return
that's a good question. I think it will go up above 75. TG said maybe 75.70 so... You know there will be a meeting (OPEC) tomorrow but it is not as important as the June one.
Wow congratulations to all bulls... Am out from all LP positions after reaching today’s target... now considering switch sides.... wait n watch mode activated... bulls may go for another milestone at 75.70...then I will turn on my bear mode... till then good luck to all
Tor, production cost if you exclude sismic and exploration I agree with you. But if you include all definitely way above in barrent sea. Of course exploration of this mature field where done so Long ago. But if you take a new project and compute all- you will be way above in barrent sea.
NLFO yes in new projects front end cost is always high but when fields come into production it recovers cost soon on plateau period... overall total cost is calculated on field life including reserves. If you look into well cost in exploration it’s high but objective it’s to prove reserves.. once field comes into production then cost recovers... all the major investment decisions based on initial reserves but with time n technology advancement cost reduces in most cases..
All depends where u drill - basement drilling in Vietnam is costing 57 usd - harsh environment the n Australia is 60- egypt gulf of Suez is 24 - land ops Saudi is 17- deepwater offshore in Norway is 73. That’s if you include explo and as average
I have completed my meeting with my team over there. We are a drilling contractor company and the purpose of the meeting was: how do we prepare for the upturn and the oil at 100 usd by end of the year. I’m working for offshore driller for 22 years now. I have seen downturn and upturn cycle but this 2014-2018 is the worst ever. Oil company has cut too Low on exploration. Even if USA stop to be an importer it is too depleted. Even when barrels will reach 80 usd early May the price will be ridiculously Low. The welcome correction is fortunately ahead of us. As per normal oil cycle the more the downturn was the more the upturn will. So the barrel is so on the steady increase pattern until q 1 2019 where it will stabilised back to an healthy 110 usd.
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