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Wednesday, 31 May 2017

Once Costly Deep-Sea Oil Turns Cheap, to OPEC's Dismay - Bloomberg

Once Costly Deep-Sea Oil Turns Cheap, to OPEC's Dismay - Bloomberg:

"Reports of deep-sea drilling’s demise in a world of sub-$100 oil may have been greatly exaggerated, much to OPEC’s dismay. Pumping crude from seabeds thousands of feet below water is turning cheaper as producers streamline operations and prioritize drilling in core wells, according to Wood Mackenzie Ltd. That means oil at $50 a barrel could sustain some of these projects by next year, down from an average break-even price of about $62 in the first quarter and $75 in 2014, the energy consultancy estimates."



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