How Actual Nuts and Bolts Are Bringing Down Oil Prices

“We expect the majority of the projects to be more cost competitive vs. U.S. shale,” the Goldman analysts said, with deepwater drilling to benefit the most from standardization.

Overall, oil majors have taken a chainsaw to expenses, reducing spending for the 2015-to-2020 period by $1 trillion, according to estimates from consulting firm Wood Mackenzie Ltd. 

“The oil industry has often been criticized as being behind other industries in terms of the implementation of available technology,” said the analysts at JBC. “This is beginning to change.”


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