historical prodction context, page-6

As your graph shows, inflation corrected the oil price has been higher than it is now therefore why was this work not undertaken then? Problem is that high oil prices don't put oil in the ground. Plus margins for this kind of development have always been positive if you can find oil.

If you carry out research on oil field cost inflation you will see this has been far higher than most of the indexes used. In the 1940s unit opex was 2$/bbl for onshore us projects.

It is strange to describe extensive technical and commercial due diligence as blinkered, I am extremely happy with my mark to market short position. Surely blinkered is believing this is going back up in the face of overwhelming evidence and a falling MTM profit?

Short