Offshore Oil’s $105B Hangover Compounds Industry Woes
Wait a minute – large scale offshore oil is not profitable anymore. I guess thats been the case since before COVID-19 and the price war. But those projects are gargantuan and have very long lead times to come into existence which means that higher prices for a year or so won’t get any of them sanctioned. But when shale reacts so much faster, will there be any more offshore oil. And maybe shale was not the target of Russia and Saudi? Maybe they wanted to kill offshore all along knowing that shale would bounce back but makes a great diversion? maybe?
