Bubbles generate no or limited cash flow, just very short term trading opportunites quickly followed by hitting ground zero, check US shale, the only bubble right now is gas production.....oil and gas companies are trying to replicate this success in other countries. So by definition, no bubble, sorry, unless we stop using gas.
The risk is what basins or parts of basins will be the most productive thereby splitting the haves from the have nots, this also occured in the US, some could be worth billions, others are trading on lease position, this is not well understood yet for local plays.
