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ODAC Newsletter - Feb 13th |
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Friday, 13 February 2009 |
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The annual CERAWeek conference is usually a relentlessly upbeat affair, but speeches and comments from Houston this week underlined the depth of the oil industry’s dilemma - caught between the urgent need to invest in new projects to offset depletion and the huge fall in revenues due to the plummeting oil price. At current levels production economics are challenging even for relatively low cost producers such as Statoil - average cost $40/barrel- let alone the more expensive pre-salt or tar sands projects. Read the full newsletter
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