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2016-04-29 Economy
Oil market to face lack of supply in 3 years: Total CEO
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Posted by Fred 2016-04-29 00:00|| || Front Page|| [1 views ]  Top

#1 Sounds about right, give or take a year.
Posted by Glenmore 2016-04-29 10:18||   2016-04-29 10:18|| Front Page Top

#2 The gulf is basically dead. Virtually every rig has been stacked and the service companies have cut people to the point of starvation.
Posted by Silentbrick 2016-04-29 10:39||   2016-04-29 10:39|| Front Page Top

#3 We're in the middle of a huge layoff. My job ends in 9 weeks. We've released all our rigs but a few long-contract deep water drillships. The decline curves on our existing wells are quite steep, and continual drilling is essential to maintaining supply. To a greater or lesser degree the same pattern occurs everywhere. So far a lot of the smaller companies have continued to drill, out of desperation, because they lose leases and default on loans if their production revenue drops, but they're running out of money and borrowing power, as are many of the banks that serve them. This is the same cycle of boom and bust that has ruled the oil patch forever. We never learn.
Posted by Glenmore 2016-04-29 10:47||   2016-04-29 10:47|| Front Page Top

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