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OTC: Offshore operators trying to make projects feasible at $50/bbl oil
Oil & Gas Journal: Operators of offshore oil and gas projects have slashed costs during the oil-price slump, but they also are working to avoid the boom-bust cycles of the past, panelists told an Apr. 30 session at the Offshore Technology Conference in Houston.
Many offshore projects that are now on hold were conceptualized when oil prices were $80-100/bbl, but industry currently considers $50/bbl to be more likely new normal.
Susan Farrell, vice-president of energy-wide perspectives at IHS Markit, noted oil prices rose recently above $50/bbl because of geopolitical risks, including possible US sanctions against Iran, a likely hardening in US foreign policy because of US President Donald Trump’s changing cabinet, and also declining Venezuela oil production.
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