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Offshore oil & gas: Breakeven points keep going down
Mar 28: How you look at the offshore oil & gas market depends on whether the glass is half empty or half full.
8Offshore cost-cutting and technological innovations have brought the breakeven costs of some developments close to $40/bbl, equivalent or lower than US shale gas plays
8A lot of current offshore developments are now lower than the current price of crude.
8Another set of data shows that new offshore project commitments rose 65% in 2017 and are forecasted to rise 140% in 2018, and 95% of discovered but undeveloped offshore resources breakeven below $65/bbl.
8The point to note is that offshore wells are characterized by higher production rates and lower decline rates relative to those onshore.
8There are also compelling reasons why offshore production will have to increase. The industry is replacing extracted oil & gas at historic lows. It is replacing only a third of its production
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