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Only the Western majors have the skills to extract oil from the tough spots in a cost-effective manner.
by g8oz 5y ago
Only the Western majors have the skills to extract oil from the tough spots in a cost-effective manner.
- fauigerzigerk 5y agoIntellectual property and (to a degree) skills can be transferred to different companies. And I think there are plenty of reserves in not so tough spots like Iraq, Saudi Arabia or Russia.
- pydry 5y agoIt's not really much help to anyone having the skills to extract oil from tar sands in Canada at a cost of $85 per barrel when you can only sell it for $65. Especially so if oil usage keeps declining and demand continues to be sated from oil fields where you barely have to knock a hole in the ground like Saudi.