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The E&P business-III: Expect offshore E&P to pick up rapidly
Feb 05: The breakeven cost of offshore projects has fallen dramatically to below $50 per barrel today from about $90 in 2014, making offshore oil competitive with shale.
8While shale’s shorter cycle gives it an advantage, it is not enough to deter a resurgence in offshore drilling activity.
8This is evident in a pickup in final investment decision, an increase in offshore rig-tendering activity in the past six months and the emergence of technology that can further reduce development costs.
8What’s more, offshore drillers have been able to reduce the time for a project to deliver its first oil to less than 12 months from more than two years.
8How far are these benchmarks applicable in India?
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