Mr Weeze

1) Saudi are downplaying the market, so that sentiment is unsurprising. We will see $100 oil at some point in the next 5 years. The price is unsustainable and long term investment in future mega projects is at risk.

2) Yes, easily within a month if it with existing infrastructure. You wouldn't want to though - pad drilling is required for further efficiencies. That is where you drill 4-8 wells from one site with the same rig, then you complete (frac) them all. Each well can take, say 15 days to drill. Add in half a day for a rig move and you're at 2 months to drill a 4 well pad. You then need to get the rig off location, and then get the frac staged. You can get the frac done in a couple of days per well, so call it 2 weeks for the 4 well frac. You then need to flow the wells back. It can take 2-3 weeks, depending on basin and frac volumes. This is where you are producing back the, say, 50,000 bbls of water pumped into the well. Then you have 4 oil wells.

You can do it to one well within a month. It's not how you would do it for a development plan though.

Pulaski

My favourite BP is now at $1.989.

scrubbedexpat099

Some no doubt can.

I do not believe that the current low price is sustainable long term.

Michael

I agree but we don't know if $60-$70 per barrel is with efficiencies in shale production.

scrubbedexpat091

99.9 cents per liter still here. Seems to stay at one price for about a week to a week and a half and then drops a bit, my guess is 99.5 or 99.0 by the end of next week.



Alberta is gonna hurt this year up here, they expect a 500 million deficit this year now, back in only November they were projecting a surplus of 1.5 billion, but every cent oil drops, Alberta loses.

Suncor said today they will eliminate 1,000 jobs and cut 1 billion from their capital investments for this year.

I don't see a good year for Alberta and of course Canada as a whole. Dollar is dropping which means pretty much everything except gas is going up in price, news is saying Alberta will likely go into recession.

Probably be better in BC as we have a huge tourism industry and a weak dollar brings more American's up this way.

OnwardandUpward

$1.39 I just paid for gas with my Kroger card ( ie 30 cents extra off/ gallon )
That's Kroger @ Louetta/Grant in NW Houston.
Cheapest I've seen in a long time...wonder what it means for our oil industry?

SultanOfSwing

It's back down to $1.93 at select stations round our way again.

Bob

Hurrah....at bloody last, petrol has dipped under the $2 mark at last around here...

$1.99 in town and $1.93G in a nearby town

lansbury

One of our local stations has now got down to $1.99. Costco has been at that for a week. The other locals are around the $2.06 mark.

Yorkieabroad

Whoa - filled up at Costco yesterday at 1.71, today they dropped to 1.61.

Now less than 50c off my all-time low of 1.18

Pulaski

I paid less than $1, 97.9c I think, in May 1999, IIRC, up in Virginia.

Yorkieabroad

Not sure when mine was - we got here end of October 2002, and it was sometime fairly soon after that I think.

scrubbedexpat091

Went up to an even 1.00 today from 99.9, guess the companies were not ready for under 1.00 gas yet. (per liter of course.)

Sheepdip

$1.879 tonight

kins

It was 99c a gallon in 1999 in Georgia - I took a photo because it was the only place I saw petrol for under a dollar a gallon.