Extraction costs from the oil rich regions in the US (Bakken & Eagle Ford) are as high as $75/barrel?
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Extraction costs from the oil rich regions in the US (Bakken & Eagle Ford) are as high as $75/barrel?
The Nova-1 rig should be on the move from TAG's Cheal B in the Naki, over to their Waitangi Valley-1 site on the East Coast as we speak. There should be some shale oil action in the very near future from here or TAG's Ngapaeruru-1 well. I'm excited. The East Coast could and should be way bigger than Taranaki, we will see in the very near future. Exciting times ahead.
Balance what does net energy producer mean they still import around 10mmbls of oil a day to meet energy demand.
The US imports about half what they did 5 years ago,but they are still importing. They are now on or about the worlds biggest producers but balance against that they are by far still the worlds biggest comsumers. It is only in gas that they have a true surplus. The US oil companies want to export not because they have a true surplus but because of the difference between the WTI and the higher Brunt. Also there is a difference between the west coast and the east for oil supply and price.
Hay team, noticed this featured on the NZX page
https://www.youtube.com/watch?v=NsM146EsoXs#t=20
Balance,
You need to do some more research on this. The USA is a net oil importer.
The Middle East is in TurmOIL. Note the last 3 letters. This thing has been bubbling for quite a few years. It is about to explode. Saudi versus Iran. It is going to get very messy. It might take a year, even 3, but it could also boil within 6 months.
Stay long on oil.
""Stay long on oil""sounds good to me........
maybe NZO if they are not keen on investing into a share of an oil rig..... they could invest into a large production well?
what i have noticed is this...... to drill an exploratory well into a potential 14mmbl field or a billion mmbl field is the same cost.
and it would seem that the prospects of taranaki are mostly used up as the potential wells get smaller and smaller.
maybe the big fields have all been found and the "kitchen" is now empty.
before doing wildcats on little fields ...... maybe investing on proven fields and restocking the portfolio would be a better move?
PPP just got hit big time and might be the end of them, NZO cant afford to spend its last cash reserve on wildcatting little fields.
maybe they should drop the "explorer" in their catch phrase and change it to investor of oil reserves...... at least for the time being.
Statoil appear to have developed ways of using seismic cables to extract a greater percentage of existing oil by monitoring depletion and movement of oil ,gas and water during this process.
We know we have oil kitchens around nz but don't seem to be doing a good job of finding where the oil has migrated to.
bp are claiming a 50% success rate of new drills.
I have a feeling NZO has a lot to learn and maybe zeta resource are going to connect nzo to expertise to enable this.