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Commodities Briefing - Categorized | Market Moves, Oil more

Big oil counts the cost of tapping new discoveries

Posted on 07 March 2014

“One hundred dollars per barrel is becoming the new $20, in our business.” With that pithy analysis, John Watson, chief executive of Chevron, summed up the oil industry’s plight.
As companies pursue the ever more challenging oil reserves that they need to increase or merely sustain their production, their costs have risen to the point that the most expensive projects, such as deepwater developments or liquefied natural gas plants, need an oil price of at least $100 a barrel to be commercially viable………………………………………..Full Article: Source


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