 | Article Review: Depletion and the Future Availability of Petroleum Resources | The Oil Drum: Europe | Interview with Colin Campbell |  |
70 comments on Oilwatch Monthly April 2009
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70 comments on Oilwatch Monthly April 2009
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"...if they don't [crash] it's probably because the cost of production of the last barrel of oil (from these projects) is probably about 50 USD/BBL..."
I don't agree that the sunk cost of getting some oil into production keeps the price up. It may well be that the high costs incurred cause a company to become bankrupt as they can't fund these liabilities with lower income. These risks are the same for any long term capital intensive project, in fact there are lots of mining companies in trouble and the assets will just be taken over when they go bust.
Talking of long term, China seems to be stocking up on copper.
tony. Agreed. But there are a lot of small fields close to production which will not be brought online at lower oil prices. Lots of small companies are going banktrupt all the time. But the sunk cost has still been put into exploration wells etc. and the fields then can be picked up and developed by somebody else.
Your Oil and Gas News - Global oil, gas projects delayed in 2009. Plenty of near term projects are in there, such as Perdido in the GOM, or Suncor's oil sands project Firebag Ph 3.
Actually looking at your link only two of the delayed projects where production based.
And delays in projects that where 2+ years out is not relevant to short term production i.e this year.
They will become a issue farther out but not at this moment i.e production of oil over the next couple of months. Now unannounced in field drilling and maintenance projects have probably been scaled back a lot
but we have little info outside of rig counts to guess how much.
One was tar sands which are a joke anyway so they don't coun't the oil equivalent of corn ethanol.
Ecuador well we know that their are financial games that include the US being played out to prevent a second Venezuela. Politics and oil are very much at play there.
This the Perdido platform looks like one of extreme interest in that its a project that was supposed to come online any day and was delayed.
Lets take a look at that one.
http://www.redorbit.com/news/business/1405479/shell_commences_shipment_o...
Well what do you know.
Your link says ..
The chances this field would have come online even in 2010 is very very slim.
So we have the tar boondogle and a ton of consumption projects shut down. Lets guess what the oil industry thinks about future oil production.