Big oil rebound coming, thanks to the euro, page-41

Davy Boy
Perhaps you are right there may be many guys capable of filling this role at this time, but it is policy in this industry to get the ball rolling ASAP to attract the best, as the best guys are normally fully employed even in this environment.
Been working contract in the offshore/onshore oil business most of my working life and see the big picture developing. In the early post drilling and testing stages the company will have a fair idea if the field is likely to prove up as a commercial prospect. Until testing is complete and the results are analysed they will not make any announcements to the market. They are proving up as we speak and the fact that the rig is still on location is in itself positive enough for me.
The detail they are acquiring will from the basis of how commercial. Field size estimated oil quantity, flow rates, viscosity, grade,pressure and temperature all lead to production rates and field life etc etc.
All this then feeds into the design and development concept that will drive the procurement construction and installation costs. This plus POO at the time of first oil will determine how commercial the field will be.
This field is in deep water which normally equates to higher costs, but we presently in a favourable cost environment to offset, but they will need all budget estimates in place to receive final development approval from all parties.
We are in the early stages and IMO I will be very surprised if FAR are still in the frame at first oil, a buyout seams to be very likely but only time will tell